Question 1

How can I save income taxes on an income of around six lakhs INR?

Accepted Answer

If you have a salary of Rs 6 lakhs, You don’t have to pay any income tax for an amount up to Rs. 5 lakh by claiming Rs. 12500 under section 87A. For the next 1 lakh, you can save your tax by investing in Employee Provident Fund (EPF) Investments, Public Provident Fund (PPF) Investments, Equity Linked Savings Scheme (ELSS), Tax Saving Fixed Deposits, Sukanya Samriddhi Yojana, National Saving Certificate (NSC), Term Life Insurance Premium, etc.

Question 2

Are land tax and property tax the same?

Accepted Answer

Land tax, also referred to as property tax, is a fee levied on the purchase of a property that includes all manmade immovable developments such as buildings and Godowns. The land tax collected by the municipal body is used for providing essential services where the property is located, such as cleanliness, maintenance of roads, transport, drainage, and other civic facilities. The tax received helps the authority fund all these services and upkeep the area's infrastructure. The terms "real estate tax" and "property tax" are used interchangeably for the acquisition of Immovable property.

Question 3

Do I have to file an ITR when I do not have any tax liability?

Accepted Answer

One has to file an ITR if the aggregate of a person's income exceeds the basic exemption limit that depends upon the age and residential status of an individual. All those below 60 years have to pay tax only if their taxable income exceeds Rs. 2.50 lakhs. Those over 60 but below 80 enjoy exemption up to Rs. Three lakhs. Super senior citizens who have already crossed 80 years enjoy free income up to Rs. 5 lakhs every year. This exemption limit is not applicable on a non - resident individuals. However, with the Finance amendment act, 2021, any resident aged above 75 years or above need not file ITR if he has only pension or interest income that accrues from a specified bank account.

Question 4

How can you get a TDS refund?

Accepted Answer

Visit the income tax portal and download the relevant form for an income tax refund. Enter all the particulars and submit the form. If the employer has deducted tax when you are not eligible for it, you can claim the amount by filing income tax returns (ITR). The department will review the taxable amount, and you will receive the amount directly in your bank account.

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