Income tax rules: For this, more and more people file income tax returns, for this Finance Minister Nirmala Sitharaman has provided many strict rules related to ITR. Double TDS will be deducted if the return is not filed.
The new financial year is starting from today and many rules are changing.
The financial year 2021-22 has started from today. In such a situation, many tax related rules have changed about which information is necessary. The effect of the changed rules will be on the people working as well as the pensioners and the common people. If you invest in a provident fund, then information about the changed rules related to tax is also important. Some rules are also related to income tax. In this article, you will be informed about the changed rules related to tax.
On 1 February, Finance Minister Nirmala Sitharaman, while presenting the budget, announced tax on the provident fund. According to this, if someone invested more than 2.5 lakhs PF in the financial year 2021-22, then the interest income on the additional amount would come under the tax net. So far, the interest income on PF is completely tax free. However, presenting the Finance Bill 2021, the Finance Minister has increased its limit to Rs 5 lakh. In the current financial year (2021-22), if a taxpayer deposited more than 5 lakhs in a provident fund account, then the income from interest on the additional amount will come under the tax net. The interest rate on PF is 8 percent.
Returns will not have to be filled by the elderly
In this budget, the Finance Minister announced to give relief to senior citizens above 75 years of age tax filing. The only condition for this is that both the source of income pension for the elderly and the interest on bank deposits comes in the same bank. If this happens, the bank itself will do the tax deduction.
TDS can be doubly deducted if the return is not filed
For this, more and more people file income tax returns, for this, Finance Minister Nirmala Sitharaman has provided many strict rules related to ITR. This time the government has made preparations to crack down on those who do not file ITR to save TDS. If you do this too, be careful. In order to motivate taxpayers to pay taxes, it has been announced to add section 206AB in the Income Tax Act 1961. Under this, now customers or payers may have to pay double TDS (tax deducted at source) as compared to normal rates. According to the new rules, those who have not filed income tax returns, will be taxed more on the tax collection at source ie TCS.
Information from income from other sources will be pre-filled
The Income Tax Department has decided to implement the already filled Income Tax Return Forms with effect from April 1, 2021. After this is implemented, income taxpayers will have to see whether their ITR has information about salary, TDS, interest and dividend and capital gains from listed securities. Under this rule, apart from salary income, income from other sources, such as dividend income, capital gains income, bank deposit interest income, post office interest income will be pre-filled. Till now taxpayers had to calculate it separately. Due to forgetting this many times, he used to have trouble. Now all this information will come pre-loaded.
E-invoices at more than 50 crore turnover
The government has made it mandatory for companies with a turnover of more than Rs 50 crore to e-invoice B2B (between companies) transactions from April 1. The Central Board of Indirect Taxes and Customs (CBIC) said in the notification that e-invoicing will be mandatory from April 1 for companies with a turnover of more than Rs 50 crore.
No change in the wedge code at the moment
The new wedge code was being implemented from April 1. Currently, it has been banned. The central government has banned it till the next announcement. According to the news published in the Economic Times report, this rule is not going to come into force from April 1. Earlier, under this rule, there was talk of increase in take home salary. In fact, under the new salary law of the government, there was a talk of 50% of the basic salary in the salary received every month, which is currently 32%. In this context, the occupation of people could increase the take home salary.
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