Income Tax Rules Are Changing from April 1, Here's a Look at New Norms Income Tax Rules Are Changing from April 1, Here's a Look at New Norms Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« Direct Tax »

Open DEMAT Account in 24 hrs
Govt kicks off direct tax code revision
ITR 2024 25 Check tax department s update on TDS and refunds
Income Tax: Why did some taxpayers receive notice for discrepancy in house rent receipt? IT Dept explains
Income tax exemption: 4 financial instruments you can still invest into before March 31
CBDT drops small tax demands but not TCS, TDS claims
ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount
Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?
Average tax return processing time cut to 10 days: CBDT
7 types of Income Tax Notice ITR filers may receive for AY 2023-24
ITR filing: Do these advance preparations before filing your income tax return
What are the strategies to maximize tax refunds after submitting an income tax return (ITR)?


« Notification No. 31/2021 Central Board Of Indirect Taxes And...	From April 1, You Need To Make All Such Disclosures In ITR... »
Income Tax Rules Are Changing from April 1, Here's a Look at New Norms

March, 30th 2021
April 1 will mark the beginning of a new financial year and will bring a slew of income tax changes. Some of the changes were announced by the Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021 in February. Here is a list of changes which will be introduced from the coming financial year. EPF tax rules Finance Minister Nirmala Sitharaman in Budget 2021 proposed that the interest on employee contribution towards provident fund be exempt up to the maximum of Rs 2.5 lakh, and any interest income from the contribution above this limit will be taxable in the hands of the employee. This provision will come into force from or after April 1, 2021. TDS at a higher rate Higher tax deducted at source (TDS) or tax collected at source (TCS) was proposed by FM Sitharaman to make more people file income tax returns (ITR). Non-filing of ITR by persons above 75 years of age The Budget 2021 proposed that an individual who is of the age of 75 years or above having income from pension and interest from any account maintained in the same specified bank in which he/she is receiving pension are exempted from filing income tax returns (ITR). This proposal was made to reduce the compliance burden of the senior citizen. Pre-filled ITR Forms The information which is auto-populated from external sources in the ITR is known as pre-filled data. The information which is currently pre-filled in the ITR form includes personal information, bank details, details of salary income as per form 16, details of TDS, TCS, taxes paid as advance tax, etc. In the Budget 2021 it was announced that some more details including capital gain arising from the sale of listed securities, dividend income and interest income received from the bank or post office will be pre-filled in income tax return. LTC cash scheme To provide tax exemption to an employee receiving a cash allowance in lieu of Leave Travel Concession (LTC) subject to incurring the specified expenditure has been proposed for the FY 2020-21. Advance tax liability Only after the declaration or payment of the dividend, the advance tax liability on dividend income will arise. Last Date to file ITR for FY 2019-20 The last date for filing ITR for FY 2019-20 is March 31 and those who will not be able to file the returns till March 31 will have to pay a late fee. While the last date for ITR revision is also March 31, 2021. Last date to make a tax-saving investment The last date for making certain investments in FY 2020-21 which helps in tax savings under the ITR is March 31.