There are only seven days left for the financial year 2020-21. The five rules for income tax are expected to change from the new fiscal year to April 1. In the budget, Finance Minister Nirmala Sitharaman has changed the rules relating to income tax with effect from 1st April. Learn about such rules ..

1- The Income Tax Department has decided to extend the pre-filed section on ITR from April 1. “When filling out a pre-filtered ITR for the taxpayer, it should be noted that all information relating to TDS, interest and capital gains should be correct,” Arkit Gupta, CEO of Clear Tax, instructed taxpayers.

2- In his Budget speech, Finance Minister Nirmala Sitharaman said that if the PF contribution is more than Rs 2.5 lakh, the tax will be levied by the new financial year. Beginning April 1, you will now also need to monitor your EPF contribution.

3- People older than 75 are no longer required to file income tax returns. This was announced by Finance Minister Nirmala Sitharaman in his budget speech this time. But this exemption is left only to those who have no income other than a pension.

4- The government will now take stern action against those who do not file income tax returns. This time the budget included special provisions in sections 206 AB and 206 CCA of the Income Tax Act. Under this rule, most TDS will be deducted for those who do not file income tax returns.

5- The LTC has been announced in this year’s Budget. The last time employees were unable to take advantage of the LTC was because of corona. Now the government does not pay them, it is not taxed. The scheme is in effect until March 31st.

6- This time there are two new tax systems in front of taxpayers. It depends on whether the tax payer chooses the old tax system or the new tax system. Taxpayers have until March 31 to make all their tax savings.

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