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Income Tax rules: 5 new income tax rules will come into effect from April 1


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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Stuck in India due to Covid ? Know your tax liability - The Hindu BusinessLine


No change in residency status conditions for FY21 for those stranded here due to Covid-19
Doubts regarding the residency status of those who are stuck in India during FY21 were expected to be clarified in the Budget. But the Budget was silent on the issue. The Central Board of Direct Taxes (CBDT) has now come out with a circular on this. The long-awaited circular has not changed conditions for determining the residential status, but it has reiterated that the possibility of double taxation is low. If you have been stranded in India and working out of home, here’s what you need to know: ....

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Triveni Engineering and Industries acquires United Shipper & Dredgers


Triveni Engineering and Industries has acquired 4,00,000 fully paid-up equity shares of Rs. 10/- each of
United Shippers & Dredgers ( USD ), an unlisted company, from Subhadra
Trade and Finance, a promoter/promoter group owned company at an aggregate
value of Rs. 23 lakh in accordance with Rule 11 UA of
the Income Tax Rules, 1962 on 2 March, 2021.
With the acquisition of these shares,
USD has become a wholly owned subsidiary of this Company.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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