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  Income Tax Rules 2021: Union Finance Minister Nirmala Sitharaman had announced the change in income tax rules while presenting the Union Budget 2021. These changes are to come into effect from April 1, 2021. As per the new rules, senior citizens aged 75 years and above will be exempted from filing ITR from April 1, 2021, with income from pension and interest from fixed deposits in the same bank. In addition, the Finance Minister proposed higher TDS for those who are not filing their ITRs and announced taxation of those who contributed more than 2.5 lakhs per annum to the EPF account. Let's take a look at 5 such income tax changes that will come into effect from April 1, 2021.   PF Tax Rules:   An annual employee contribution to a provident fund of more than 2.5 lakh ₹ will be taxed from April 1, 2021. The central government said that the move is aimed at taxing high-value deposits in Employee Provident Fund (EPF). Finance Minister Nirmala Sitharaman said that th...

  In order to reduce cash transactions and better implement tax compliance, the tax department has made some changes in the rules of TDS. From July 1, 2020, the new TDS rule will be applicable on the amount withdrawn from the bank and post office. Till now, if someone used to withdraw cash in excess of one crore rupees in a year, then you had to pay 2% TDS (Tax Deducted at Source). But from July 1, 2020, the new TDS rule has come into force. Now the TDS rate for high-value cash transactions of more than Rs 20 lakh in a financial year will depend on whether the investor has filed Income Tax Return (ITR) in the last three years.   New TDS rule for those who have filed returns in the last 3 years   In the 2019 budget, the government included a new section 194 N in the income tax under which withdrawing more than Rs 1 crore cash from a bank account would have to pay 2% TDS. This new TDS rule will also be applicable to withdraw cash from post office accounts. According...

The country is struggling with a coronavirus (COVID-19) infection. Meanwhile, the government on Tuesday provided a big relief for the common man. Finance Minister Nirmala Sitharaman held a press conference after discussing the current situation with the Finance Ministry officials. During this, he said that a relief package for the industries facing the crisis will be announced soon. Made a big announcement for the common man as well. Nirmala said- for the next three months there will be no charge on withdrawing money from any ATM. Apart from this, the condition of keeping a minimum balance in bank accounts has also been abolished. The Finance Minister said that the date for filing ITR returns and linking PAN-Aadhaar has also been extended till June 30. The interest charged on delayed payment of TDS has been reduced from 12% to 9%. The last method for filing income tax for the financial year 2018-19 was extended till June 30. The dispute also ext...