RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

6 Things You May Not Know About Income Tax Refund

down-arrow
June 05, 2017

  1. Why do we pay income tax?
    Before discussing income tax refund, understanding the basics of income tax and the why paying it on time is important. The income tax that is collected is deployed towards building infrastructure and providing services that we avail every day. Filing income tax returns on time is the civic and moral duty of every citizen and paying the income tax that is due as per the income tax slab rates that you fall under is essential for India's growth and progress.>

  2. Does everyone have to pay income tax?
    As per the current tax slab, those with income up to Rs 2.5 lakhs do not have to pay any tax. Those with taxable income greater than that but under ₹ 5 lakhs, have to pay 5% income tax and 20%, if your income exceeds ₹ 5 lakhs but is under Rs 10 lakhs. If your taxable income exceeds ₹ 10 lakhs, you have to pay 30% income tax on the income that exceeds Rs10 lakhs.
  3. Who needs to file income tax returns?
    If the gross total annual income, prior to the deductions allowed under 80C to 80U is under Rs2.5 lakhs, it is mandatory to file your income tax returns. This limit is Rs 3 lakhs for senior citizens. For any organization or firm, regardless of profit or loss, filing returns is mandatory. It is also compulsory to file your returns if you receive income from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
  4. What is Income Tax Refund?
    Another critical reason why it is essential to file returns on a timely basis is if you want to know the status of income tax refund. If you have paid excess tax in the previous years or have paid tax deduced at source or TDS, but your taxable income is lower than the tax bracket you fall under, you can check the income tax refund status and have it transferred to your bank account. The online income tax refund status facility is not the only online tax related services you can avail.
  5. Can Income Tax returns be filed online?
    It is possible to completely file your returns online and track the progress of your returns and refunds online. There are currently nine different forms available for online filing of income tax returns including ITR-1 to ITR-7 and also include the ITR-4S and ITR-V. In fact, ITR-3, 4,5,6,7 have to be mandatorily e-filed.
  6. By when do income tax returns need to be filed?
    Online filing of returns needs to be done by July 31 or every financial year, preferably a month or two in advance so as to encounter lesser traffic on the official site operated by the Government of India. However, there are many private portals that assist you with filing of returns and charge a fee depending upon the services they offer.In case this deadline is missed for filing tax returns for the previous year, every additional day till July 31 increases the penal interest.

Similar Articles:

Plan Income tax

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Income Tax Saving Tips for Young Earners

Income Tax Saving Tips for Young Earners

Many young earners are unaware of the whole tax system & its working. Here is a list of income tax saving tips for young earners to help them save more!

What is Tax Declaration Form? - Process to File Income Tax Declaration

Tax Savings Strategies for Salary above Rs 30 lakh in India

Best Investment Options for Senior Citizens in India

Find the best Investment Options For Senior Citizens in India with HDFC Life. Uncover senior citizen investment options tailored for stability and growth.

Best Investment Options for Senior Citizens in India
7 Reasons Why Income Tax Refund Could Be Delayed Previous
IT Department helps Pay Taxes Online and Track Income Tax Refunds Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches