Categories: Business

New Income Tax Rules to come into force from April 1

New Income Tax Rules

Well, the end of a financial year is of significance not just for companies but for individuals as well and I’m going to encapsulate all the tasks that you need to finish as well as the New Income Tax Rules that come into effect so first on the new rules which will come into effect from the 1st April

Especially the announcements that Finance Minister Nirmala Sitharaman did make in Budget 2021 so all contributions to provident fund made beyond two and a half lakh rupees or if only the employee has contributed more than five lakh rupees the interest on that is going to be taxable so you may need to reject that if you want to cut down on your tax bill secondly

If in case you are not filing your income tax return then any payments made to you whether, in the form of interest rent, etc will be subject to a higher TDS or a tax deducted at source.

What’s more, New Income Tax Rules even if you’re eligible for a refund you will not get that because you’ve not been filing your income tax return finally and some good news for those Citizens above 75 if you don’t have income from the business then you need not file your income tax return all of this is of course in line with making compliance easier what else is changing is essential and these are some of the new changes in New Income Tax Rules that do come into effect.

PAN-Aadhaar Linking Last Date

From the first of April first there you need to do certain things before the first of April file a revised Income tax return if you need to do so for fy20 that’s march 2020 before the 31st March 2021 link your pan card with your card or your pan card will become void and you know you will have to use that for income tax declarations file any declaration under the Vivad Se Vishwas Scheme the payment for that is the last day of 31st march avail the LTC scheme that’s essentially meaning that you need to spend any amount towards goods and services attracting that amount of GST by the 31st March and finally, of course, let’s not forget tax-saving investments for fy21 and finally last but not the least there are certain changes that come into effect from the first of April.

If you have a bank account with Adena Vijaya corporation basically the smaller PSB’s which have been merged from the 1st April their past books and checks will be invalid and lastly, the new wage code is going to come into effect so ensure you sit down with your hr departments and get to work in order to ensure that your take-home salary is the impact on that is reduced to the minimum.

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