New income tax rules | New income tax rules apply from April 1, find out what are the new rules?

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New revenue tax guidelines | New revenue tax guidelines apply from April 1, discover out what are the brand new guidelines?

New Delhi: Within the Union Price range 2021, which was tabled in February, some modifications have been made within the guidelines of revenue tax. The modifications will take impact within the new monetary yr beginning tomorrow, April 1. Let’s examine what modifications have been made within the new Revenue Tax Guidelines. Beneath the brand new guidelines, which is able to come into impact from tomorrow, you’ll have to pay tax on curiosity earned on PFs above Rs 2.5 lakh. The choice has been made retaining in thoughts those that have increased salaries. & Nbsp;

Simple to pay revenue tax
The brand new guidelines will make it simpler to pay revenue tax. The federal government has simplified the method of submitting tax returns with an eye fixed on revenue tax payers. It has additionally made it simpler to file ITRs.

TDS will likely be doubled & nbsp;
The central authorities is encouraging individuals to file ITRs. The Middle has clarified that those that don’t file ITR should pay double TDS. The Central Authorities has added a brand new Part 206B to the Revenue Tax Act. Based on this, if you don’t file ITR now, you’ll have to pay double TDS from April 1. Based on the brand new revenue tax regulation, the penalty for TDS and TCL has gone up from 10 to twenty per cent. It was 5-10 p.c earlier than this. TDS and TCS will double the speed of 5 per cent for many who don’t file ITRs. & Nbsp; I used to be informed that I might give. From April 1, individuals 75 years of age or older aren’t required to file a tax return. This low cost will likely be out there to senior residents who’re depending on pension or mounted deposit curiosity. & Nbsp;

Vital Information: & nbsp;

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