InvestorQ : What are the changes in Income-Tax rules that will come into effect from 1-April-2021?
Ankit Patil made post

What are the changes in Income-Tax rules that will come into effect from 1-April-2021?

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Manish Mehta answered.
2 months ago
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The changes were announced in the Union Budget 2021 and will come into effect from 1-April-2021. These are some of the changes in the income-tax rules:

  • People above the age of 75 with income from pension and interest only would be exempted from filing the ITR.
  • Higher TDS will be deducted for those who are not filing their ITR.
  • People contributing above Rs. 2.5 lakh annually to the EPF account shall be liable to tax as per applicable income-tax rate slab.
  • To ease the income-tax filing process for the taxpayer, details of income from salary, tax payment, TDS, etc. shall be pre-filed in the ITR forms.
  • Individuals who could not claim their LTC (Leave Travel Concession) due to COVID-related restrictions on traveling. Tax exemption to cash allowance in place of LTC has been proposed in this regard.

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