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SIGNIFICANT CHANGES IN INCOME TAX THAT WOULD COME WITH EFFECT FROM 1ST APRIL 2021 Sl No Particulars W.E.F 1st April 2021 1. Pre-filled ITR Forms A major change in ITR Form is expected as per Budge
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FAQ :
From April 1st, 2021, pre-filled ITR forms are being introduced, which will include information on capital gains from listed securities, dividend income, and interest from banks and post offices.
Yes, interest earned on employee contributions to the Provident Fund exceeding £2.5 lakh will be taxable from April 1st, 2021.
If your Aadhaar and PAN are not linked by March 31st, 2021, your PAN card will become inoperative, and you may face a penalty of £10,000 under Section 272B of the Income Tax Act.
Yes, new sections in the Income Tax Act mean that non-filers of ITRs will be subject to higher TDS/TCS rates, which will be the higher of 5% or twice the specified rate.
To claim tax benefits, you must submit bills with the vendor's GST amount and number to your employer by March 31st, 2021. The spending must attract GST of 12% or more and be at least three times the LTA fare.
Senior citizens over 75 with only pension income and interest income from a fixed deposit in the same bank do not need to file an ITR. Their bank will deduct and deposit the tax payable.
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