• NEWS
  • TOP STORIES
  • STARTUP
  • BUSINESS
  • AUTO
  • TECH
  • MONEY
  • OPINION
What's Hot

Good news on the export front, 300 percent jump in exports in April

April 11, 2021

If you want to pay electricity bill in half, then follow these 5 tips, will save money

April 11, 2021

Deloitte CEO Puneet Ranjan said the way to woo foreign investors and remove economic inequality

April 11, 2021
Facebook Twitter LinkedIn
Businesslend Businesslend
  • NEWS
  • TOP STORIES
  • STARTUP
  • BUSINESS
  • AUTO
  • TECH
  • MONEY
  • OPINION
Facebook Twitter LinkedIn
Businesslend Businesslend
Home»NEWS»These rules related to income tax have changed from today, know what will be the effect on you
NEWS

These rules related to income tax have changed from today, know what will be the effect on you

Bhagyashree SoniBy Bhagyashree SoniApril 1, 2021No Comments3 Mins Read
These rules related to income tax have changed from today, know what will be the effect on you
Share
Facebook Twitter LinkedIn Pinterest Email

Income Tax Rules: Some rules related to income tax have changed from today. Some of these changes were announced by Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021 in February.

These rules related to income tax are changing from April 1

Today, the new financial year has started from April 1. Many rules are changing from the new financial year, which will have a direct impact on the jobber. Some rules related to income tax will change from today. Some of these changes were announced by Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021 in February. So let us know about the changes related to income tax which are being implemented from today.

More TDS will be deducted

The Finance Minister has proposed higher TDS (tax deduction at source) or TCS (tax collected at source) rates in the Budget 2021 for filing income tax return (ITR) to more and more people. The Budget has added new sections 206AB and 206CCA to the Income Tax Act to cut higher rates of TDS and TCS for non-filers. According to the new rule, if the ITR is not filed, TDS will be doubled from 1 April 2021.

The elderly will not have to file income tax returns

Senior citizens above 75 years of age do not have to file Income Tax Return (ITR). While presenting the budget, Finance Minister Nirmala Sitharaman had said that the elderly people above the age of 75 years had touched to file ITR. This rule also came into effect from 1 April. Only those elders will get the benefit of this, which is dependent on pension and interest on deposits.

Pre-field ITR Form

Individual taxpayers will be given pre-filled Income Tax Return (ITR) forms. Currently, the information already filled in the ITR form includes personal information, bank details, salary income details as per Form 16, TDS, TCS details, taxes paid as advance tax, etc. This will make it easier to file ITR.

PF Tax Rules

In the Budget for 2021-22, Finance Minister Nirmala Sitharaman has increased the tax free interest earned on provident fund contributions by employees and employers to a maximum of Rs 2.5 lakhs in a year. Now up to 2.5 lakh investment in EPF will be tax free in a financial year. According to the new rule of income tax, from April 1, if you contribute more than 2.5 lakh rupees per annum, you will have to pay tax on the earnings in the form of interest.

Option to choose new tax system instead of old tax system

The government implemented a new tax system in Budget 2020 last year. However, the exercise to choose one of the new and old tax systems for the financial year 2020-21 will start from April 1, 2021.

LTC scheme

In the budget 2021, the central government had announced a tax exemption to the cash allowance in lieu of travel concession (LTC). The government had announced the scheme last year for those who could not take advantage of their LTC tax benefits due to restrictions on travel. This plan is only available till 31 March 2021. To avail this scheme, money should be spent till this date.

read this also- Even after the bank is open, none of your work will be done before April 3, tackle your important things today.

read this also- Invest in this special scheme of PNB for better tomorrow, get more benefit

Previous ArticleDeadline of these things, including auto debit, PAN card, why the government extended the deadline at the last moment
Next Article Effect of inflation! Prices of these things have increased from today, now you have to loosen your pockets
Bhagyashree Soni
  • Facebook

Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

Related Posts

Good news on the export front, 300 percent jump in exports in April

April 11, 2021Updated:April 12, 2021

If you want to pay electricity bill in half, then follow these 5 tips, will save money

April 11, 2021

Deloitte CEO Puneet Ranjan said the way to woo foreign investors and remove economic inequality

April 11, 2021

Take care of these 3 things while taking a health insurance policy, there will be no loss

April 11, 2021

How to convert a normal bank account into a Jan Dhan account, know the easy way

April 11, 2021

Bad news for the users of Upstox, customer information leaked, know the whole matter

April 11, 2021
Add A Comment

Leave A Reply Cancel Reply

Editors Picks

HOW TO BUILD A SUCCESSFUL E-COMMERCE BUSINESS

April 9, 2021

How Technology is streamlining the Indian Judicial System

April 7, 2021

THIS WORLD HEALTH DAY, LET’S BUILD A BALANCED AND HEALTHIER WORLD

April 6, 2021

How OakNorth’s Credit Intelligence Suite is enabling commercial lenders to overcome the limitations of traditional commercial lending

April 6, 2021
Latest Posts

Never had the money to study, now this doctor, who is 79 years old, treats for only 10 rupees

April 10, 2021

Children’s initiative, collecting plastic from house to house, made public benches

April 10, 2021

Fantasy gaming platform Fan2Play signs Cricketer Harbhajan Singh as a Brand Ambassador

April 9, 2021

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

Advertisement

Business Lend is a platform which brings executives officers, entrepreneurs, and venture capitalist together from different sectors. We keep on connecting with our users with the help of our monthly edition carving our way slowly towards the highest readership.

Facebook Twitter Instagram LinkedIn
Latest Post

Good news on the export front, 300 percent jump in exports in April

April 11, 2021

If you want to pay electricity bill in half, then follow these 5 tips, will save money

April 11, 2021

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Copyright © 2021 BuisnessLend, All Right Reserved
  • Guest Post
  • Privacy
  • Contact us
  • Sitemap

Type above and press Enter to search. Press Esc to cancel.