This is the last month of this financial year. The new financial year is set to begin on April 1. There is no change in income tax rates in the Budget 2021-22. But by the next financial year, many of the income tax rules will change, which will have a direct impact on you. Tell us what are the rules that are changing from April 1st.

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.

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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.

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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.