Planning to pay Income Tax? Here are the rules that will impact your pocket

1 week ago 10

With the caller fiscal year, determination are caller rules that person travel successful spot and it is going to marque an interaction connected your pockets.

The authorities has travel up with respective changes for the taxpayers arsenic good arsenic the wide public.

Here is the database of changes that goes into effect from April 1. 

1. Reduction successful the Deadline for Filing ITR of FY 2020-2021 to December 31, 2021

The deadline for filing Income Tax Return is reduced by 3 months on with a maximum punishment of up to Rs 10,000, with a deadline for filing belated and revised ITR for FY 2020-21 to December 31, 2021.

2. Modification successful Interest Rate of Provident Fund

According to the caller rules, the deposits successful the EPF relationship should not beryllium much than Rs 2.5 lakh.

3. TDS Filings

The concern ministry has decided to rise the taxation deducted astatine root (TDS) and it would beryllium done nether the Sections 206AB and 206CCA inclusions successful the IT act.

4. ITR Forms Now Comes Filled up successful Advance

The authorities has yet travel up with a determination to springiness a pre-filled signifier to the taxpayers for the casual and speedy execution income taxation filing. 

5. No Income Tax Filing for Senior Citizens Above 75 Years

The concern curate Nirmala Sitharaman has exempted the elder citizens having an property of much than 75 years and for this from the income taxation filing with an objection that is lone applicable to pension holders with nary different income. 

6. Leave Travel Concession (LTC) Exemption

The authorities had fixed bully benefits successful presumption of claiming the taxation benefits connected LTC. 

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