Rules will change from April 1, do this work before March 31
The 2020-21 financial year will end on March 31 and the new financial year will begin on April 1. In addition, many income tax rules will change from April 1. Therefore, taxpayers will be required to complete all tax-related work before March 31, 2021. Some work will have to be completed this month to avoid fines.
The PAN-Aadhaar linking deadline is March 31. In case of non-linking, the PAN can be canceled. From opening a bank account to many money transactions, PAN is essential, and using a canceled PAN can be costly. I. T. Under Section 272-B of the Act, a fine of up to Rs. 10,000 can be levied.
Investment for Income Tax Exemption
If you are going to buy a policy to avail of income tax exemption, you have to buy it before March 31. Investments made under Section 80C and 80D of the Income Tax Act are eligible for income tax exemption.
P. F. Tax rules for
Jobseekers P. F. A new rule for interest on & is set to take effect next month. In the budget p. F. Announced tax on interest earned on & Now up to Rs 2.5 lakh in a financial year. P. F. Interest on investments in & will be tax-free, while investments over Rs 2.5 lakh will be taxed on interest earnings. However, for those earning up to Rs 2 lakh per month, it will not make any difference.
T. Was. S. Voucher plan
Last year, the Finance Minister announced the Travel Leave Allowance (LTC) scheme, which will come into effect next month. The scheme has been launched for employees who have lost their jobs due to the lockout caused by the Corona epidemic. T. Was. Did not take advantage of. Under this scheme, government employees will get cash vouchers, which they will be able to spend as per the rules laid down by the government.
Double TDS on non-payment of income tax
The rules are now stricter for taxpayers who have not filed their income tax returns (ITRs) on time. Now the government has added section 306A to the Income Tax Act. I. T. R. From April 1, 2021, you will have to pay double for non-payment. D. S. Has to pay.
People who have not filed an income tax return will also be charged a higher tax collection at source (TCS). From July 1, 2021, Penal T. D. S. And t. Was. S & rates will be 20 percent, which is usually 10 percent.
Exemption of Super Senior Citizens from filing ITR
From April 1, 2021, senior citizens over the age of 75 will be eligible for I.P. T. R. No need to file. This discount is given to super senior citizens who depend on the pension or just earn interest on fixed deposit (FD)