Recently the government has decided to introduce some of the important income tax amendments with the association of the IT department to create a better scenario within the income tax compliance for every individual. Check out some of the important & needful income tax amendments by the CBDT department:
Some Categories Gets Pre-filled ITR
Council has furnished the filing of the ITR process simpler for the assessee through furnishing the availability of the ITR for specific classes.
Double TDS Collection on ITR Non-Filers
CBDT department circulates a notice for the use of the functionality u/s 206AB & 206CCA of the IT Act, 1961. Two new sections 206AB and 206CCA in the Income Tax Act 1961 have been initiated in the finance act 2021 which shall be effected from 1 day of July 2021. These sections order tax deduction (section 206AB) or tax collection (section 206CCA) at more increased rate for the concern of specific non-filers (specified persons) with respect to tax deductions (other than under TDS sections 192, 192A, 194B, 194BB, 194LBC and TDS section 194N) and tax collections.
Tax on Interest of PF Contribution Exceeding INR 2.5 lakh
The tax will be applicable on all the PF interest contributions crossing the limit of INR 2.5 lakh and considering the government employees which would be under the umbrella of GPF as per the provisions provided by the government.
Essential to Associate the PAN & Aadhaar
CBDT has circulated the last date i.e 30th June 2021 which would be the deadline to link the Permanent Account Number with your Aadhaar number.
Exemption on Senior Citizens in ITR filing
Section 139 of the income tax act operates the ITR filing through the person whose income is more than the basic exemption limit.
Privilege on Cash Scheme for Leave Travel Concession
The government has initiated an LTC or LTA cash voucher scheme to permit the employees entitled towards the LTC or LTA to avail of the tax privilege reimbursement on identical amounts for the specific limits the circumstance of spending.
Employee’s EPF Contribution
Interest on employee’s share of contribution to Employees’ Provident Fund (EPF) on or post 1st April 2021 shall be subjected to tax on the condition of withdrawal if the same is more than Rs 2.5 lakh in any year.
Income Tax Dispute Resolution Committee Constitution
From 1st April 2021, the finance bill 2021 would provide the newer item called Dispute resolution committee. A policy has been made by the union government that needs the interface within the assessee and is completely faceless.
Form 10-IE Filing Under Income Tax for Opting New Scheme
Towards choosing the upgraded new income tax regime for People and HUFs under section 115BAC of the Income Tax Act, the assessee shall need to furnish Form 10-IE on or prior to the last date of furnishing the ITR u/s 139(1) of the Income Tax Act.
Extended Tax on Housing Loans
The government prolonged another tax deduction of Rs 1.5 lakh on the furnished interest on the housing loans towards buying of the homes postponing an additional one year to 31st March 2022.
