Corona has been harassing people for the past one and a half years. Due to this epidemic, many people lost their jobs last year. Some employees’ pay was cut. A large number of people have withdrawn money from their fund during this difficult time. During this time, the government also made several concessions. Like an exemption for withdrawing tax free money from an EPF account. Once again, the tax filing season has begun, so keep in mind that if you are filing an ITR, you will need to show the money withdrawn from the EPF when filing a return. There are many things to keep in mind when submitting an ITR this financial year –
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Because of Kovid-19, people have to face pay cuts, job losses or delayed pay. If you encounter such situations you need to make sure you are paying the right amount of tax or not. Generally, the person who gets the salary is not too worried about the tax because the employer does the job. But for lack of a rule of income tax, a person who receives a salary often faces a notice. Let’s first understand what the income tax rules are for a salaried person.
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According to Delhi-based chartered accountant Tarun Kumar, “In terms of income tax rules, wage income is dues and tax. It is the employer’s responsibility to deduct TDS at the time of payment.
Suppose the employer did not pay the salary for March and add it and pay in April, which is part of the next fiscal year. The person who receives the salary must pay the tax despite the fact that the employer deducts TDS when paying salaries. According to Tarun Kumar, ‘The employer has not deducted that part of the tax due to withholding your salary, so the employee must self-assess and pay the same tax.’ TDS may receive a refund in the next financial year. In addition, your deduction or increase claim is also reflected in your salary slip. They serve as proof.
Withdrawal from EPF –
The government made various exemptions for EPF fund withdrawals. There are exceptions, such as a 3-month advance withdrawal. The government has granted this concession to the people who are suffering from coronavirus to get financial relief. This money withdrawn from the EPF is tax deductible, but must be shown when filing an ITR.
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The extra money received by the company is taxed.
Due to the corona epidemic, a growing number of companies have promoted a workplace culture from home. In such a situation, keep in mind that if you are paid for furniture or other facilities on behalf of the company, it is fully taxed. This is because the company does not deduct TDS on such payment.
Show the tax help in the name of Kovid-19
Recently, the assistance received by the government in the name of Kovid-19 has been excluded from taxation. But when submitting an ITR, keep in mind that it should be shown in the exemption list. Failure to do so may result in a tax notice.
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