Planning to pay Income Tax? Here are the rules that will impact your pocket

With the new monetary yr, there are new rules that have are available place and it’s going to make an impact on your pockets.

The authorities has provide you with a number of modifications for the taxpayers in addition to the basic public.

Here is the checklist of modifications that goes into impact from April 1. 

1. Reduction in the Deadline for Filing ITR of FY 2020-2021 to December 31, 2021

The deadline for submitting Income Tax Return is decreased by 3 months together with a most penalty of up to Rs 10,000, with a deadline for submitting belated and revised ITR for FY 2020-21 to December 31, 2021.

2. Modification in Interest Rate of Provident Fund

According to the new rules, the deposits in the EPF account shouldn’t be greater than Rs 2.5 lakh.

3. TDS Filings

The finance ministry has determined to increase the tax deducted at supply (TDS) and it could be completed beneath the Sections 206AB and 206CCA inclusions in the IT act.

4. ITR Forms Now Comes Filled up in Advance

The authorities has lastly provide you with a choice to give a pre-filled type to the taxpayers for the simple and fast execution revenue tax submitting. 

5. No Income Tax Filing for Senior Citizens Above 75 Years

The finance minister Nirmala Sitharaman has exempted the senior residents having an age of greater than 75 years and for this from the revenue tax submitting with an exception that is just relevant to pension holders with no different revenue. 

6. Leave Travel Concession (LTC) Exemption

The authorities had given good advantages by way of claiming the tax advantages on LTC. 

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