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Updated Mar 17, 2021 | 08:23 IST
Senior citizens of the age 75 and above with income from pension and interest from fixed deposit in the same bank would be exempted from filing ITR from April 1, according to the new rules. 5 new income tax rules set to come in force from April 1
New Delhi: Budget 2021 has left personal income tax rates unchanged. However, FM Sitharaman announced some tweaks in income tax rules that will help ease the compliance for taxpayers.
Let s take a look at 5 income tax changes that will come into effect from 1 April:
Provident fund tax rules: Nirmala Sitharaman has announced in the Union Budget 2021-22 that PF contributions over Rs 2.5 lakh in a financial year will be taxable from the next financial year.
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Updated Feb 27, 2021 | 14:01 IST
While no details have been shared as to how TDS will be applied, calculations show that if an individual s annual basic salary is close to Rs 21 lakh or more, they will come under the EPF tax net. EPF interest taxation: Here s how TDS will be calculated on interest earned on contribution beyond Rs 2.5 lakh
New Delhi: Budget 2021 left some taxpayers unsatisfied as there were no rate cuts or standard deduction limit hike. This Budget has left income-tax rates and slabs unchanged. While the Finance Minister did not announce any hike in super-rich surcharge, she found a way to tax the rich and super-rich by taxing the interest earned on Employee’s Provident Fund (EPF) contributions in excess of Rs 2.5 lakh in a financial year.
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