All of these important tasks will have to be undertaken by the taxpayers in the new financial year.
With the beginning of the new financial year on April 1, a number of significant changes will take place with regards to the tax rules. All of these important tasks will have to be undertaken by the taxpayers in the new financial year. Some of these changes are in accordance with the announcements made by finance minister Nirmala Sitharaman in the Union Budget 2021.
Notably, March 31 is also the deadline set by the government to link Permanent Account Number with the Aadhaar card, otherwise, PAN will become inoperative from April 1. Taxpayers also have to fill the revised income tax return (ITR) by March 31.
Here are some of the rules that will change from April 1, 2021:
1. Provident fund (PF): Starting from April 1, the government will tax the interest on annual employee contributions to PF over ₹250,000. The proposal for it was made in the Union Budget.
2. Changes in tax deducted at source (TDS): In accordance with a provision made in the Budget, the government will charge TDS from those not filing ITR.
3. Income tax returns (ITR) for senior citizens: In the coming financial year, senior citizens above 75 years of age will be exempted from filing income tax returns. This facility can be availed by only those senior citizens who have no other income source except pension and interest income.
News Source : Hindustan Times