Question 1

Who should file an ITR?

Accepted Answer

An individual whose annual income is more than the basic exemption limit of Rs 2.5 lakh should file an ITR. The basic exemption limit for senior citizens (60 years onwards and less than 80 years) is Rs 3 lakh, and for super senior citizens is Rs 5 lakh.

Question 2

How can I claim deductions for tax saving?

Accepted Answer

You can claim deductions for tax savings by investing in specified instruments under sections like 80C (e.g., PPF, ELSS, life insurance), 80D (health insurance premiums), 80E (education loan interest), and more. Our experts can help identify the best options for your profile.

Question 3

I receive my salary income after deduction of TDS. Am I required to file an income tax return?

Accepted Answer

Yes, even if TDS has been deducted, you are required to file an ITR if your gross total income is above the basic exemption limit. Filing an ITR is also necessary to claim a tax refund if excess TDS has been deducted or to carry forward losses.

Question 4

How do I check TDS details from my Form 26AS?

Accepted Answer

You can view or download your Form 26AS from the Income Tax e-filing portal. It provides a consolidated statement of all tax credits associated with your PAN, including TDS, TCS, advance tax, and self-assessment tax paid.

Question 5

How can I claim an income tax refund?

Accepted Answer

If you've paid more tax than you were liable for, you can claim a refund by filing your Income Tax Return. The excess amount will be calculated by the Income Tax Department and refunded to your pre-validated bank account.

Question 6

Is my data filed with Khata World secure?

Accepted Answer

Absolutely. We use bank-grade security protocols and encryption to ensure that your financial and personal data is always kept safe, secure, and confidential.

Question 7

What are the GST services offered by Khata World?

Accepted Answer

We offer a comprehensive suite of GST services, including GST registration, monthly and quarterly return filings (GSTR-1, GSTR-3B), annual returns (GSTR-9), GST reconciliation, and expert advisory for all your compliance needs.

Question 8

How to e-verify my ITR?

Accepted Answer

You can e-verify your ITR through various methods, such as using an Aadhaar OTP, net banking, or a bank account EVC. E-verification must be completed within 30 days of filing your return to be considered valid.

Question 9

How to choose a suitable mutual fund for SIP?

Accepted Answer

Choosing a mutual fund depends on your financial goals, risk appetite, and investment horizon. It's best to consider factors like the fund's past performance, expense ratio, and the fund manager's experience. We recommend consulting a financial advisor for personalized advice.

Personal Finance

Financial Freedom in India: A Practical, Tax-Smart Roadmap