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How to place Income Tax Refund reissue request Online?

Shitanshu Kapadia
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0
How to place Income Tax Refund reissue request Online?

As you are reading this post, you must be waiting for your Income Tax Refund. No worries, I will try to help you in solving your income tax refund queries. I will also share the procedure of placing Income Tax Refund reissue request online.

You must be aware that from March 2019 onwards income tax department has changed the rule of issuing refund cheques. Income tax refunds will be now issued via electronically route only (e-refund). There are two perquisites conditions to successfully receive your refund.

  • Your PAN should be linked to the bank account saving, current or overdraft account. E-refund will be credited in this account.
  • Your bank account should be pre-validated on the income tax e-filing portal.

What is Income Tax Refund? 

The Income Tax Refund means payback or repayment of money by the IT department. Suppose you have paid additional tax compared to your actual tax liability in the financial year, you are eligible to receive the income tax refund. The additional tax payment may be due to TDS deducted by employer, self-assessment or tax deducted by a bank or other institution on FD and other interest income. As a taxpayer, you will get refund only after processing of income tax return for the financial year for which refund is applicable.  

The intimation about Income tax refund will be sent via SMS and email to the taxpayer. The intimation contains the message “Refund for Ack No: 3863346346 for PAN: XXXXX, AY 2017-18 has been issued by CPC, kindly check the status on Link after 3 days”. Taxpayer can click on the link given and check the status of a refund.  

Apart from the above method, there are other two ways of checking income tax refund status. Please refer to section given below for more details. 

Also Read – How to pre-validate bank account for Income Tax e-refund?

How to check Income tax refund status?

Two ways of checking Income Tax refund status are given below.

TIN NSDL Website 

The status of refund can be viewed on TIN NSDL website only after 10 days of issuing refund. Steps are given below.

  • Visit NSDL website – https://tin.tin.nsdl.com/oltas/refund-status-pan.html
  • Enter PAN Number and Assessment year for which refund is issued.
  • Enter Captcha Code and click on proceed button.
  • You will be able to see refund status on the screen.
  • You may get a message “No records found” if a refund is not sent or details are not available on the portal.

check income tax refund online

Income Tax E-filing Website

You will be able to track income tax refund on e-filing portal also. The steps for tracking income tax refund on e-filing portal are given below.

  • Visit the Income tax e-filing website –  https://www.incometax.gov.in/iec/foportal/
  • Login using PAN, password, and captcha code.
  • Click on “View Returns/Forms”.
  • Select the Income-tax return and relevant assessment year for which you want to check the refund status.
  • Click on the acknowledgment number hyperlink.
  • You will be able to see the popup on the screen containing complete information about ITR Processing and refund status.

You will also be able to see the mode of payment and reason for refund failure if any.

The typical reason for refund failure would be –

  • The Bank account is closed
  • Operation in the bank account is restricted or on hold
  • Account details are incorrect
  • The account holder may be deceased
  • Wrong IFSC code given while filing ITR

The system will also send SMS on your registered mobile number in case of failure of refund.

 How to place Income Tax Refund reissue request Online?

In case after checking the Income tax refund you find that refund failed due to any of the reasons mentioned above, you can file a request of a reissue of the refund via the e-filing portal easily. Step by step method to place a request for reissuing income tax refund is given below.

refund reissue

  1. Visit the Income tax department e-filing portal.
  2. Log in using your PAN card and password after entering the captcha text.
  3. Click on “My Account” and go to the “Services” menu.
  4. Click on the “Refund Reissue” and click on the “Submit” button.
  5. You will be able to see PAN card number, return type, AY, Acknowledgement number, communication reference and reason for the denial of return.
  6. Click on the “Submit” hyperlink. You will be able to see all pre-validated bank account with EVC enabled on the screen.
  7. Validate your account details including IFSC code, account type, and account number and click on the “Continue”.
  8. In case no pre-validated bank account found, the system will redirect you to a new page for prevalidation of bank account. You need to enter all the details about the new bank account where you want a refund to be credited.
  9. Click “OK” on the popup box to proceed further. A system will ask you to e-verify details by EVC or Aadhaar based OTP.
  10. Once you complete the authentication you will be able to see the message for successful filing of refund request.

You will be able to see the status of the newly generated request by going to “My Account” and selecting the request type “View Request”.

Over to you –

Have you faced any issue related to Income Tax refund?

Do you find the above process of reissuing refund helpful?

Do share your experience in the comment section given below.

Two Wheeler Insurance Policy Renewal & Purchase

Shitanshu Kapadia
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0
Two Wheeler Insurance Policy Renewal & Purchase

two-wheeler-insurance

Two Wheeler Insurance Policy has suddenly become a talk of the town. This is mainly due to amendment in motor vehicle act 2019 & traffic police fines for violations. As per new law, if you are caught driving the uninsured vehicle you need to pay the penalty of Rs.2000. If you are unable to pay fine you need to undergo imprisonment up to 3 months. This is for the first-time offense. In case you are caught driving uninsured vehicle for the second-time penalty is double Rs.4000.

The only way to save yourself from the penalty is to buy an insurance policy for your vehicle. It is generally seen that for two-wheeler insurance is purchased only once at the time of buying a vehicle. After year general tendency is not to renew the two-wheeler insurance policy. But, now as a hefty penalty is imposed on uninsured vehicle people will surely renew or purchase the two-wheeler insurance policy.

If you are planning to renew your two-wheeler insurance policy or planning to purchase two-wheeler insurance to avoid penalties, you are at the right place. In this post, I will share “Best Ways to renew two wheeler Insurance” along with the name of a few best online bike insurance companies.

Types of Two-Wheeler Insurance in India

There are two types of two-wheeler insurance policy.

 Third-Party Liability Insurance

 Third-party liability insurance is mandatory insurance cover as per law. This type of insurance policy covers damage or loss arises due to accident to the third party or property. This type of policy does not cover any loss or damage to the insurer vehicle. It is a low-cost insurance policy.

 Comprehensive Policy

A comprehensive policy is complete coverage policy. This type of policy provides complete coverage to the policyholder. It provides complete protection including own bike damage cover and third party liability coverage. This policy also covers bike theft. The cost of this policy is slightly higher.

Ways for buying Two-wheeler Insurance in India

The process of buying two-wheeler insurance in India is very easy. There are three ways to purchase a two-wheeler insurance policy. You can buy this policy offline, online or via online web aggregators.

Offline Purchase

The conventional route of buying two-wheeler insurance is via an offline process. In this process, you need to visit an insurance company or insurance agent. You need to submit documents and cheque for the premium amount. The entire process is time consuming, tedious and costly. You will be paying a higher premium amount as insurance agent payment is also involved. The physical policy will be sent to your mailing address. 

Online Purchase from Insurance company website 

Another way of buying two-wheeler insurance is online purchase from the insurance company website. In this process, you need to directly visit the insurance company website and select insurance which you need to purchase. You need to be careful about what type of insurance you are purchasing and features offered by the company. In this option payment of premium will be made online and e-copy of policy will be sent to your email address. It is the fast, easy and convenient option of buying an insurance policy. 

Online Purchase from Web Aggregators 

Next way to purchase a two-wheeler insurance policy is via online web aggregator. There are multiple online web aggregators in India. The web aggregators offer the facility of comparing various plans online. You can take an informed decision after comparing various plans using web aggregators. 

How to select the Best Two Wheeler Insurance Policy?

To select Best Two Wheeler Insurance Policy, you need to consider the following important points.

Types of Insurance Policy 

The first thing to check is the type of insurance policy sold by the insurance company. As discussed earlier, it is mandatory to purchase third party insurance cover. However, if you can afford a comprehensive cover you should go for the comprehensive insurance plan.

Insured Declared value offered 

The premium of the insurance policy is decided based on IDV( Insured Declared Value). If IDV is high premium applicable for the policy is high. So, when you receive the proposal for renewal/purchase of bike insurance policy you should check IDV offered by the insurance company.

Premium Amount 

The next point to consider while buying a bike insurance policy is the premium amount. Generally, people go for a policy with a lower premium rate. However, you should compare features offered by the insurance company before taking a call.

Add on & Riders 

Add on & riders separately priced item. Add on & riders are of different types such as engine coverage, roadside assistant, personal accident cover, medical expense etc. You must evaluate insurance offer based on add on and riders offered & your requirement.

No claim bonus (NCB) 

No claim bonus is a discount in premium offered by the insurance company. This discount is offered only if the vehicle owner has not made a single claim during the term of insurance. You must consider NCB facility while buying a new insurance policy.

Claim process  

The process of raising a claim should be easy and customer friendly. Most of the company disclose their claim process on the website. You must go through this process and select the company with the easy claim process.

Zero Depreciation  

Zero Depreciation provides complete coverage. In zero depreciation insurance company will make payment of the entire cost of the body including plastic for replacement. If zero depreciation cover is not taken policyholder needs to pay 50% from his pocket for part replacement in case of an accident. You should keep this point in mind while buying bike insurance. 

Best Online Bike Insurance Companies

Based on the various points mentioned above and market reputation few recommended bike insurance companies are given below. 

  1. Bharti AXA Insurance
  2. HDFC Ergo Insurance 
  3. IFFCO Tokio Insurance 
  4. Reliance Insurance 
  5. Bajaj Allianz Insurance

For more information and key features details please go through a complete article on “Top Bike Insurance Policy in India 2019-20“

Over to you

Have you purchased a two-wheeler insurance policy in the recent past? Which points did you consider while renewing auto insurance policy?

Do share your queries and experience in the comment section given below.

How to Submit Form 15G for EPF Withdrawal Online?

Shitanshu Kapadia
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2
How to Submit Form 15G for EPF Withdrawal Online?

You can submit form 15G for EPF withdrawal online. This facility is available on the unified member portal. You must be aware that TDS is applicable on the EPF withdrawal amount if you are withdrawing EPF before 5 years of contribution to the EPF. As an exception if your income is below the taxable limit you can submit self-declaration form 15G to stop TDS deduction. In this post, I will share the process of submitting form 15G for EPF withdrawal online.

So, if you are planning to withdraw EPF online at unified member portal, continue reading. I am sure most of your query related to form 15G, 15H and TDS withdrawal on EPF will be resolved after reading this post. 

Also Read – How to update KYC EPF UAN Online?

Form 15G, 15H & TDS Rule on EPF Withdrawal 

Form 15G 

Form 15G/Form 15H are forms submitted to the concern authority for not deducting TDS for the specified income. These forms can be used for receipt of any payment such as interest received on the bank fixed deposit, rent income, insurance commission, and EPF withdrawal. Form 15G is for Indian resident with age below 60 years. The same form can be used for HUF. If age of resident is above 60 years Form 15H to be used.

EPF Withdrawal

EPF withdrawal is allowed under specific condition. As per rule if an individual is not in employment for two months after resigning from his job he/she can withdraw full EPF amount. In addition to this partial EPF withdrawal is also allowed under conditions such as marriage, education, home renovation, repayment of home loan and medical problems. 

TDS Rule on EPF Withdrawal  

As per current law, if you are doing EPF withdrawal without completion of five consecutive years of services TDS is applicable on the withdrawn amount. The amount considered for TDS under this case would be employer’s contribution and interest earned on that. There are four components of EPF.

  • Subscriber’s (Employee) contribution
  • Employer’s contribution
  • Interest earned on subscriber’s contribution.
  • Interest earned on Employer’s contribution.

The tax is applicable only on the employer’s contribution and interest. The subscriber contribution and interest earned is not taxable. The employer’s contribution will be taken under head “Salary” and interest component under “income from other sources”.

TDS applicable on EPF withdrawal is @10% if PAN card is submitted by the subscriber. If PAN card is not submitted TDS to be deducted @34.608%.

TDS on EPF withdrawal is deducted only if withdrawal amount is more than Rs.50,000. If your income for that financial year is lesser than taxable limit you can submit form 15G or 15H. The step to fill up and submit form 15G online on EPF portal. 

How to submit Form 15G for EPF withdrawal online? 

Step by step guide to submit Form 15G for EPF withdrawal online are given below.

  • Login to unified member portal – UAN Portal. You need to use UAN number and password for login.
  • From top menu bar click on online services > Claim (Form 31,19,10C)

 

  • You will be able to see your profile information such as name, date of birth, mobile number, PAN number.
  • You need to verify your bank account by entering last four digits of account number.
  • System will popup notification to verify your bank account stating claimed amount will be credited to mention bank account.
  • Now click on proceed for online claim. In the next page you need to select claim option. By default you will be able to see “PF Advance FORM-31” option.
  • If you have resigned from job and your EPF account is marked with reason of leaving service, you will be able to see option of “Only PF Withdrawal FORM 19).
  • Below this option you will be able to see option to Upload Form 15G.

EPF withdrawal form 15G

You need to get copy of Form 15G and fill up Part 1 and upload it in the PDF format.

How to fill Form 15G for EPF withdrawal?

  • Download the Form 15G in PDF format from here.
  • Fill up Part 1. You need not to fill up Part 2.
  • In Part 1, you need to fill up details such as name as per PAN, PAN number, Status, previous year, residential status, address.
  • You also need to mention estimated income for which declaration is made and estimated total income. You will be able to get estimated EPF income amount from EPF passbook.
  • You need to provide nature of income and section under which tax is deductible.
  • Once you are done you need to sign form 15G.
  • You need to upload filled form 15G as per steps given above.

FAQ about 15G for EPF withdrawal  

  1. TDS on EPF withdrawal is applicable under which condition?

TDS on EPF withdrawal is applicable only if you withdraw from EPF before completing 5 years of continuous services. The tenure of 5 years includes previous employer also. You need to calculate exact 5 years. No grace is allowed if duration is shorter compared to 5 years.

  1. EPF partial withdrawal is allowed or not?

EPF partial withdrawal is allowed. You can withdraw EPF online as well as offline. The purpose for which EPF advance given are construction of house, medical problem, marriage, natural calamities, power cut, purchase of handicap equipment and for higher education.

  1. How much time it takes for EPF withdrawal?

Timeline for EPF withdrawal is not fixed. However, it generally takes 5-30 days for EPF withdrawal after applying it online.

  1. How to track EPF withdrawal claim status?

You can track EPF withdrawal claim status online from unified portal. You need to click on Online Service > Track claim status to get status of your claim.

  1. What to do in case any help is required?

In case you are finding any difficulty in applying for online EPF withdrawal you can contact helpdesk on 1800 11 8005. You can also send email to employeefeedback@epfindia.gov.in

15 Small Business Ideas with low investment of Rs.50000

Shitanshu Kapadia
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0
15 Small Business Ideas with low investment of Rs.50000

Small business ideas

Which are small business ideas that can be started with a low investment of Rs.50000? Here is a list of 15 profitable small businesses that can be started with low investment.

Starting a business is a tough job especially when you have no money or less money. However, if you have a passion and entrepreneurial skills explore the small business ideas list given below which are low investment and easy to start.

All these business ideas are easy to start and require minimum legal procedure and documentation.

15 Small Business Ideas with low investment of Rs.50000

Tuition Class

The first small business ideas with low cost is a tuition class. You have to be expert in subjects which you are planning taught. If you are inexperience in this field you should start with lower standard class. The first step is deciding the place of tuition, fee structure and time of tuition class. The second step is making necessary arrangement of creating infrastructure such as blackboard, seating arrangement etc. Next is marketing your class in local media via hoarding or newspapers. You should focus on achieving a good result for the students.

If you select a rented property for opening a tuition class, you can start this business with a corpus of Rs.50000 or less. You need to take trade license and pay taxes on the revenue generated from a tuition class.

Tea & Cold Drink Store

Tea & cold drink stall is a small scale business option. This business can be started easily with a small investment. You just need a small place, raw materials for making tea and manpower. The place plays an important role here. It is recommended to open a tea stall nearby office area or at a market place. If you have a provision of additional capital you can plan to serve different types of tea with taste.

Overall Tea & Cold drink stall can be open with an initial capital of Rs.30000 – Rs.40000. You need to take a trade license as well as FSSAI approval.

Also Read – 15 Best Startup Ideas for 2019

Tiffin Services

Tiffin Services is one of the best food business ideas with low investment. This business can be started even from home. In big cities, good tiffin service providers are less. If you can make tasty and healthy food in the economical range your chance of getting success in this business is very high. To start this business you will need a good cook, menu and raw material for making food items.  You will also need a delivery boy who can deliver tiffin prepared by you. In most of the cases, tiffin service is started without a license. However, it is mandatory to take the FSSAI license before starting this business. You can start this business with an initial capital of Rs.25000.

Chocolate Making

Chocolate Making is one of the top home-based business ideas. To start chocolate making first you need to learn various recipes for making chocolates. You can use books or youtube channel for this. Once you are aware of the process procure raw materials such as cream, milk powder, flavors, chocolate making mold, etc.

After procurement of raw material start experimenting on making chocolates. Once you are confident you can start a chocolate-making business. Initially, you need to work hard on marketing your business. You can do a direct contract with a provision store or shopping mall for keeping your chocolates. This business can be started with an initial capital of Rs.25000. As it is a food-based business you need FSSAI license.

Cooking Class

Cooking class is next on the list of small business ideas. It is a home-based business and suitable for women. To open a cooking class you need to be expert in culinary skills. You can start cooking class at home or in a rented shop. It is recommended to start specialized courses such as Punjabi, South Indian, Chinese food, etc. At an initial stage, you need to work hard for marketing your class.

English Coaching class

English coaching classes is next on the list. English is a globally accepted language and demand for English in terms of speaking and writing is increasing. If you are expert in the English language including grammar you can plan to start English coaching class. In addition to English coaching, you can start a class of IELTS and TOFEL. The demand for these courses is very high. To start this business, you first need to arrange for rented or own place. The place should be nearby school (preferably). You can start this business with an initial investment of Rs.50000.

Ice Dish and Soda Shop

Ice dish or soda shop is among one of the most lucrative business options. In this business, you need to sell an ice dish and soda of various flavors. You will need an ice dish maker and soda maker machine and raw material such as ice, dry fruit, syrup, etc. You will need approximately Rs.30000 to Rs.40000 to start this business at a rented place. You will need a trade license and FSSAI approval for starting Ice dish and soda shop. You may need additional manpower for various miscellaneous tasks.

Insurance Agent

One of the simplest and no investment business is becoming an Insurance agent. It is a part-time profession as well as a full-time business option. You need to take an insurance agency of various companies to become an insurance agent. Your main task is to meet people and convince them to purchase an insurance policy from you. You can sell general insurance policies such as car insurance, home insurance, two-wheeler insurance along with life insurance policy. You will get a commission on every insurance policy sold by you. It is a zero investment business. However, once you are successful you can start your own office.

Multilevel Marketing

One of the most popular and preferred business is multilevel marketing or network marketing. It is a passive income generation idea. There are multiple MLM network marketing companies operating all over the world. You just need to register to any trustworthy company and start marketing product and services to make money. You will be earning commission income as well as royalty income in the long run. Investment required for this business is very low. However, you need to do a lot of hard work to get success in this business.

 Candle making business

Candles are widely used for religious activities as well as decorative items. If you have expertise in making exclusive scented candles you can start handmade candles business. You will need raw material such as wax, colors, dyes, packing material and candle making machine. Before starting this business identify vendors dealing in candle business. Carry out market survey and prepare a plan for promotion.

Investment required for candle making business is very low. However, it is a volume business. You need to focus on achieving high volume. You will need a trade license as well as a pollution certificate for starting a candle making business.

Pickle Making business 

Pickle making is a home-based business opportunity. Traditionally pickles were made at home. But, nowadays we have a trend to use readymade pickle from the market. Apart from local usage packed pickles are also exported to the outside countries. Thus it can turn out to be a lucrative business option.

Before starting this business, you need to learn the process of making pickle. The entire process of making pickle is tedious and time-consuming. You will need raw material such as mango, carrot, lemon, onion, spice, and preservatives. At an initial stage, you can go for handmade pickle, but if your volume is growing you can purchase pickle making machine. Make sure to take utmost care while adding preservative and designing leak-proof packing. You can sell pickle to local grocery shop or at home. You will need FSSAI license to start pickle making business. 

Agarbatti Making business 

Agarbatti (incense stick) is a thin wooden stick covered with a substance that produces very good smell while burning. This stick is widely used for worshiping God as well as during condolence ceremonies for spreading positive energy. The industry of Agarbatti making is growing at a faster pace. If you are keen to start the business you can explore agarbatti making. You will need Agarbatti powder, wood powder, stick and perfumery compounds as raw material and machine for making incense stick. You will also need manpower for packing and distribution.

Disposable Dish and Glass Making Business

Disposable dish and plats are used widely at various events for serving food items. Disposable dish and glass have a very good market. So, starting a disposable dish and glass business make sense. You can sell these dishes locally or in the export market. You will need thermocol, die, dish making machine and other chemicals for making disposable dish and glass. Investment required for this business is moderate.

Cotton Buds Manufacturing

Cotton ear buds manufacturing is a lucrative business opportunity. This business requires raw material such as cotton, sticks, absorbent material, and packing material. You will need cotton buds making machine, which can be manually or auto control. You need to avail a trade license and GST number while starting this business.

Potato Chips Making

A potato chip is one of the most popular and ready to eat food item. Potato chip and banana chips have a very good market all over. To start this business, you will need raw material such as potato, oil, spices and packing material. You can make potato chips manually or you can purchase chips making machine. You will also need space as well as labor for bulk manufacturing. You need to tie up with vendors and grocery shops for selling your potato chips. As it is a food business you will need an FSSAI certificate along with trade license. For small scale business, you will need capital of Rs.50000. Once your business is established you can invest more money.

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