From April 1, the tax rules will change. Here’s a look at the new rules.
Key sentence:
- April 1 will mark the start of another monetary year and bring many Income tax changes.
- The last date for documenting ITR for FY 2019-20 is March 31.
April 1 will mark the start of another monetary year and bring many Income tax changes. A portion of the progressions was reported by the Union Finance Minister Nirmala Sitharaman while introducing the Union Budget 2021 in February.
Here is a rundown of changes that will be presented from the coming monetary year.
EPF charge rules:
Finance Minister Nirmala Sitharaman in Budget 2021 suggested that the premium on representative commitment towards opportune asset be excluded up to the limit of Rs 2.5 lakh.
Any premium pay from the commitment over this breaking point will be available in possession of the worker. This arrangement will come into power from or after April 1, 2021.
Also read: according-to-the-uidai-all-types-of-aadhaar-are-eligible-for-identity.
TDS at a higher rate:
Higher assessment deducted at source (TDS) or expense gathered at source (TCS) was proposed by FM Sitharaman to make more individuals document personal government forms (ITR).
Non-documenting of ITR by people over 75 years old:
The Budget 2021 suggested that a person who is 75 years or above having pay from benefits and premium from any record kept up in a similar determined bank in which he/she is accepting annuity is absolved from documenting personal assessment forms (ITR). This proposition was made to decrease the consistent weight of the senior resident.
Pre-filled ITR Forms:
The data which is auto-populated from outside sources in the ITR is known as pre-filled information. The data which is presently pre-filled in the ITR structure incorporates individual data, bank subtleties, subtleties of pay according to shape 16, subtleties of TDS, TCS, charges covered as an advance expense, and so forth.
In the Budget 2021, it was reported that some more subtleties, including capital increase emerging from the offer of recorded protections, profit pay and premium pay got from the bank or mailing station, will be pre-filled in personal government form.
LTC money plot
To give charge exception to a representative accepting a monetary stipend instead of Leave Travel Concession (LTC) subject to bringing about the predefined consumption has been proposed for the FY 2020-21.
Advance duty obligation
Solely after the assertion or instalment of the profit, the development charge obligation on profit pay will emerge.
Last date to document ITR for FY 2019-20
The last date for documenting ITR for FY 2019-20 is March 31, and the individuals who won’t record the profits till March 31 should pay a late charge. At the same time, the last date for the ITR update is additionally March 31, 2021.
Last date to make an expense saving venture:
The last date for making certain interests in FY 2020-21, which helps in charge investment funds under the ITR, is March 31.
