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Income tax new Rules From Tomorrow: Changes you need to Know

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The new financial year is starting from April 1. The Union Finance Minister Nirmala Sitharaman had announced a change in the income tax rules while presenting the Union Budget 2021. These changes are to come into effect from tomorrow (April 1, 2021). So, let tell you, what will be the new Income tax new Rules From Tomorrow (1 April).

Income tax new Rules From Tomorrow: All New Details

TDS: Finance Minister has proposed higher TDS (tax deduction at source) or TCS (tax collected at source) rates in Budget 2021 for more people to file Income Tax Return (ITR). Individuals who have not filed income tax returns, however, in the last 2 years TDS or TCS deduction is more than 50,000, they will have to pay TDS or TCS subject to a minimum of 5%.

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Exemption for the elderly from filing ITR: Elderly pensioners over 75 years old are exempted from filing Income Tax Return (ITR). This facility will be available only to those whose income source is pension and interest on it.

Tax on PF contribution: In the new fiscal 2021-22, there is a provision of tax under income tax on PF contribution of more than 2.5 lakh rupees. Income taxpayers who earn more than two lakh rupees per month will normally come under this radius.

Pre-filled ITR forms: Individual taxpayers will be given pre-filled income tax returns (ITR). To make compliance easier for the tax payer, details of salary income, tax payment, TDS etc. are already filled in the income tax return. The move is aimed at easing the filing of returns.

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LTC Incashment: The period of exemption for employees under the Leave Travel Concession (LTC) voucher is up to 31 March 2021. That is, it will not be taken advantage of from next month.

Option to choose ‘new tax system’ instead of old tax system: The government introduced the new tax system in the budget 2020 last year. Taxpayers still have until 31 March 2021 to make tax-saving deductions.

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