For the new financial year, new rules have been enacted and will affect your wallets.The government has introduced a number of taxpayer reforms as well as the general public.
Here is a list of the changes that will take effect from April 1.
Reduction of FY ITR Filing deadline for FY 2020-2021 until December 31, 2021 :
The deadline for submitting Income Tax Return was reduced by 3 months with a maximum penalty of up to Rs 10,000, with the deadline for filing the ITR belated and reviewing the ITR for FY 2020-21 to December 31, 2021.
Change of Provision Fund Interest Rate :
According to the new rules, the amount deposited in the EPF account should not exceed Rs 2.5 lakh.
TDS filings :
The Department of Finance has decided to increase the deductible source tax (TDS) and will do so under the inclusion of Sections 206AB and 206CCA in IT legislation.
ITR Forms Now Coming Pre-Completed :
The government has finally come up with a decision to provide taxpayers with a pre-completed form for easy and fast income taxation.
Leave Travel Concession (LTC) Exemption :
The government has provided positive benefits in terms of claiming tax benefits from the LTC.
No Income Tax Filing for Senior Citizens Above 75 Years :
Finance Minister Nirmala Sitharaman has released the elderly over the age of 75 and as a result of this from the income tax exemption except that it only applies to pensioners who have no other income.