The new fiscal year is going to start from April 1. With this, many rules related to jobbers, pensioners, common people and banks will change. Among the rules that are going to change from the first date of next month, there are many rules including tax on investment in PF, new labor law, income tax return. We are telling you 10 such rules so that you can be prepared about these changes beforehand.
1. Tax on interest received on PF deposit
The tax was announced on the interest received from the Employees Provident Fund (EPF) in the General Budget 2021-22. Now investing up to 2.5 lakh PF in a financial year will be tax free. If you invest more than that, you will have to pay tax on the interest earned. Meaning if you have deposited four lakh rupees annually, then you will have to pay tax at the rate of your tax slab on the interest earned on interest of Rs 1.5 lakh.
2. Changes in the rules related to salary
The government is set to implement the new wage code from April 1. As soon as the new labor law changes, your salary will change. According to the new labor law, the salary should be 50% of the salary received by you in these hands. That is, your salary structure may change from the 1st date.
3. Pre-completed Income Tax Return Form
Individual taxpayers will now be provided with a pre-filled return form (pre-filled) before April 1, 2021, for the convenience of the employees and to make the process of filing income tax returns easier. This will make filing returns easier.
4. Freedom of senior citizens from filing returns
From 1 April 2021, citizens above 75 years of age will not have to file income tax returns. This exemption is given to senior citizens who are dependent on pension or fixed deposit (FD) interest. In addition, senior citizens with income sources will have to file returns.
5. Double TDS for non-filing of returns
The government has made changes to section 206AB of the Income Tax Act. Under this, if you do not file ITR now, you will have to pay double TDS from April 1, 2021. According to the new rules, TDS and TCL rates will be 10-20% which is usually 5-10%.
6. Dual air bag will be necessary in the car
Safety standards on cars have been changing since April 1. It will now be compulsory for the driver as well as the side seat to be fitted with airbags.
7. Check books of these banks will become useless
if you have a bank account in Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank, then your passbook and check book will be 1 April 2021 Will be useless. This change is happening due to the merger of these seven public sector banks into various other banks.
8. Pension fund managers will
charge more fees If you invest in a pension fund, it is important for you to know this. The Pension Fund Regulatory and Development Authority (PFRDA) has allowed the Pension Fund Manager (PFM) to charge higher fees to its customers from 1 April. This move can attract more foreign investment in this sector.
9. You will not be able to hide your income
yet due to PAN card, only things like salary and provident funds are tracked. Due to which mutual fund and other earning system is not able to track automatically, but after PAN and Aadhaar will be linked from April 1, after that you will not be able to hide any investment. Due to Aadhaar and PAN link, the system automatic will track your investment.
10. Late filing of rules will change
Due to Corona epidemic, the period of filing of revised or delayed ITR of FY 2019-20 was extended. However, once again the Central Government has changed the rules under the Finance Bill-2021. According to this, if you file a late income tax return, then late April 1, 2021 will have to pay a late fee.
