5 new income tax rules that will come into effect from 1 April
3 years, 9 months ago

5 new income tax rules that will come into effect from 1 April

Live Mint  

Union Finance Minister Nirmala Sitharaman presenting Union Budget 2021 had announced a slew of changes in the income tax rules. Let's take a look at 5 income tax changes that will come into effect from 1 April: 1) PF tax rules: Interest on annual employee contributions to provident fund over ₹2.5 lakh would be taxed from 1 April 2021. 2) TDS: In order to make more people file income tax returns, the finance minister has proposed higher TDS or TCS rates in budget 2021. 3) Senior citizens above 75 years exempted from filing ITR: To ease the compliance burden on senior citizens, finance minister Nirmala Sitharaman, while presenting Budget 2021, had exempted individuals above 75 years from filing income tax returns.

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