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FAQ's

1. How can I save tax?
Ans:There are many ways to Save tax and for different people tax saving methods are also different. Salaried person: Chapter VI, deduction under section 80C, 80D. House rent, Take housing loan.

2. What are the benefits of filing Income tax return on or before due date?
Ans: Following are the benefits
  • a) It gives detailed picture of total income
  • b) You can revise your return, in case of any changes or correction.
  • c) If there is loss and to be carried forward to next year and set off against future profits.
  • d) To avoid Interest and Penalty on tax amount if payable any.
  • e) Fast refund process
  • f) Its an important documents while applying Loan or Visa
  • g) Peace of Mind – Avoid notices and reminders to file.

3. Is Income Tax filing is mandatory?
Ans: Yes, If Income exceed the basic exemption limit.

4. Can I claim my Refund without filing Income Tax Return?

Ans: No, You have to file Income Tax Return to claim tax refund.
5. Is E-filing is mandatory?
Ans: E-filing is mandatory when Income exceeds Rs. 5 Lakhs.

6. What type of GST is proposed to be implemented?
Ans: It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST) and that to be levied by the States/ Union territory would be called the State GST (SGST)/ UTGST. Similarly, Integrated GST (IGST) will be levied and administered by Centre on every inter-state supply of goods and services

7. Why is Dual GST required?
Ans: India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resources. A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism.