![]() With time, compound interest only further enhances the earnings, and the investment grows manifold.Ĭompounding is done on loans, deposits and investments. The possibilities of the compound interest are endless. An early start would give the investor a higher compounding effect, and building wealth becomes easy. The right advice is to start saving regularly and invest wisely. Longer, the investment horizon higher are the returns. In the long term, this technique will benefit the investor. This powerful tool (compound interest) can be used by investors to plan their financial goals. When the principal includes the accumulated interest of the previous periods and interest is calculated on this then they say its compound interest. Reinvestment of earnings at the same compound interest rate of return would help in continually growing the principal amount year-on-year. The value of the investment keeps growing at a geometric rate (always increasing) rather than at an arithmetic rate (straight-line). It is because the interest of your invested money is also earning interest. Use an income tax calculator to find out your tax obligation for the year and then talk to someone who has a good understanding of various tax-saving instruments and request them to help you make the right investments.Reinvestment of earnings at the same rate of return to grow the principal amount every year is compounding. If you are not someone interested in home loans, do not worry – several other tax-saving instruments can help you save a lot of money. If you are planning to buy a home, avail of a home loan to enjoy home loan income tax benefits. In the case of joint home loans, the home loan tax benefit can go up to Rs.7 Lakh. For instance, income tax benefit on a home loan allows borrowers to claim up to Rs.3.5 Lakh as tax exemption under various sections of the Income Tax Act. To help taxpayers, the Government of India offers several tax-saving instruments using which borrowers can save a lot of tax. This will help the Income Tax Department process refunds quickly and efficiently.Įvery Indian citizen must pay taxes and this is a duty that one must never escape. In any case, it is recommended that borrowers double-check and make sure they have provided the right communication address and bank account details. While we are on this topic, borrowers must also know that the Income Tax Department can release your tax refund through two different methods: NECS/RTGS or via. Next, simply click on ‘Proceed’ and you will be able to see your refund status online. Enter the captcha code that appears on your screen to enter your account. Go to the official website of TIN NSDL and enter using your PAN details and assessment year. You can check your tax refund status on TIN NSDL by simply following these steps: The website is handled by the Income Tax Department of India. Here’s How You Can Check Your Tax Refund Status through the TIN NSDL Portalįor those of you who do not know, TIN is a repository that contains information regarding the collection, processing, monitoring, and accounting of taxes across India. As soon as you do this, you will be able to see your income tax refund status on your screen. Next, go to the ‘My Account’ option and select ‘Refund/Demand Status’.Enter this captcha code and enter your account. Once you enter these details, you will see a captcha code on your screen.Taxpayers can log in using various details, such as User ID, password, date of birth, PAN details or Aadhar. Go to the e-filing portal and log in to your account.If you want to check your income tax refund status through the income tax e-filing portal, simply follow these steps: ![]() Here’s How You Can Check Your Tax Refund Status through the Income Tax E-Filing Portal So, make sure you have this information with you. ![]() Please note that one cannot check their tax refund status without knowing their PAN details and assessment year. Taxpayers can check their IT refund status using two different methods: through the income tax e-filing portal and the TIN NSDL Portal. How to Check Your IT Refund Status Online? In this article, we discuss with our readers the two different ways in which borrowers can check their IT refund status online. Taxpayers can claim their tax refund as well as check their IT refund status online. Once a taxpayer has filed their taxes and it turns out that the tax paid by them is more than what was due, the Income Tax Department issues a tax refund.
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