How do I change my refund outstanding demand?

How do I change my refund outstanding demand?

If any refund is due, the refund will be adjusted against the outstanding demand. The taxpayer can pay the demand by clicking the link under ‘Pay Tax’ option. On choosing ‘Demand is partially correct’, Enter the ‘Amount which is correct’ and the ‘Amount which is incorrect’ will be auto filled.

Is standard deduction available to NRI?

An NRI is allowed to claim a standard deduction of 30%, deduct property taxes, and take benefit of an interest deduction if there is a home loan. The NRI is also allowed a deduction for principal repayment under Section 80C.

Who can order of set off the refund payable to any assessee against any sum remaining payable to such assessee?

Section 245 of the Act empowers the Income Tax authorities to adjust any previous year/s outstanding demand of tax liability with the refund amount due to the assessee.

What is notice of demand income tax?

If a taxpayer’s income tax return is in conflict with the assessment made by an Income Tax Officer, the taxpayer will be issued an income tax demand notice. Income tax demand notice is issued if the taxpayer has deposited lesser tax than what the assessee is liable to pay.

How do I pay my outstanding tax demand online?

The outstanding tax demand can be paid online as below:

  1. Log in to and click on “My Account” option.
  2. Cross-check the outstanding tax demand amount by clicking “Response to Outstanding Tax Demand” link under e-File menu option as shown below.

How do you check outstanding demand in income tax in new portal?

Income Tax Department

  1. Go to the ‘e-File’ menu, Click ‘Response to Outstanding Demand’.
  2. All outstanding demands will be displayed here. Click on ‘View’ hyperlink under ‘Response’ column. ​

What is the tax slab for NRI?

Non-resident Indians (NRIs) have to pay proper tax as per the Income Tax Act. However, the income tax slabs and rates for NRIs are different from the resident Indians….New Income Tax Slab for Individual (New Regime)

Income Tax Slab Tax Rate
5.0 Lacs- 7.5 Lacs 10%
7.5 Lacs – 10.0 Lacs 15%
10.0 Lacs – 12.5 Lacs 20%

Who is entitled to refund in case of insolvency of the assessee?

Income Tax Refund in Special Cases Under Section 238 of the Income Tax Act, 1961, if a person is unable to claim tax refund due to death, insolvency, incapacity, liquidation or any other cause, then his legal representative, trustee, guardian, or receiver can claim the refund on his/her behalf.

Who can apply for refund under GST?

Any taxpayer can file a refund claim in form RFD-01 under GST on the GST portal. RFD-01A refers to the offline application of refund that is no longer in use. A refund will be issued only when the refund exceeds Rs. 1,000 in value.

How do I respond to a tax demand notice?

Step-by-Step Guide to Respond to a Demand Notice

  1. Step 1 : Login to your e-filing account on with user ID and password.
  2. Step 2: Click on ‘E-file’ and go to ‘Respond to Outstanding Tax Demand’.
  3. Step 3: Click on ‘Submit’ for the relevant assessment year.
  4. Option 1 – Demand is correct.

What happens if you don’t respond to income tax notice?

If you don’t respond to the tax notices within the time allotted, there can be various implications. “Non-compliance of a tax notice would attract penalty of ₹ 10,000 and may lead to judgement assessment by the tax officer,” said Agarwala. In some cases, “prosecution up to one year may also apply,” said Gupta.

When is section 245n of Income Tax Act 1961 effective?

Today, we learn the provisions of section 245N of Income-tax Act 1961. The amended provision of section 245N is effective for financial year 2020-21 relevant to the assessment year 2021-22.

What was the amended Income Tax Act 1961?

Amended and updated notes on section 245N of Income Tax Act 1961 as amended by the Finance Act 2020 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Definitions. Chapter XIXB (Sections 245N to 245V) of the Income Tax Act 1961 deals with the provisions related to Advance rulings .

When do I get notice under Section 245?

The notice under section 245 under the income tax Act, 1961 can be issued by the I-T department when there’s an outstanding demand from earlier years is pending and you have also claimed a refund in some other assessment year.

What is the Intimation under the Income Tax Act?

This is the intimation under which the assessing officer informs the taxpayer to deposit the outstanding demand within the time as specified in the intimation otherwise his claimed refund shall be adjusted with his pending demand. For Example: Take Ms. Sanya, who received a letter from the department.