From April 1, these 5 rules related to PF and Tax will change, be aware otherwise there will be a big loss.

 

From April 1, these 5 rules related to PF and Tax will change, be aware otherwise there will be a big loss.

From April 1, there are going to be a lot of changes related to your money and taxes.  So let's find out.

●This change will take place from April

 ●There will be changes in these 5 rules related to PF and Tax

 ●Know this change otherwise double TDS will have to be given

 In the budget, Finance Minister Nirmala Sitharaman has made many announcements for the middle class and the salaried class.  This rule will come into force from April 1, 2021.  However, those over the age of 75 have been given a relief in the budget this time, meaning they will not have to file a tax return.

Tax on EPF

As per the new rule announced by the Income Tax Department, from April 1, you will have to pay tax on the interest earned on those who make more than 2.5 lakh PF contributions.  The finance minister has taken this decision keeping in view the higher paid employees.  However, it will only affect people with a monthly salary of Rs 2 lakh.

 Double TDS must be given

 The Central Government is promoting ITR filing.  The government has made new rules that those who do not file ITR will have to pay double TDS.  The government has added section 206AB to the Income Tax Act.  According to this section, if you do not file an ITR, you will have to pay double TDS from April 1.

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 The LTC scheme will benefit

 Let me tell you, the government is expanding the LTC scheme.  The scheme will be implemented in the new financial year.  Notably, the scheme will benefit employees who did not avail the LTC tax benefit due to the ban due to the Corona epidemic.

 Pre-field ITR form will be available

 Taking care of employees, the government has simplified the process of filing tax returns.  Pre-field ITR forms will be provided to individual taxpayers from April 1.  This will make it easier to file an ITR.

 Tax relief for people over 75 years of age

 In the budget, the finance minister announced that people over the age of 75 have been given tax relief.  This means that from April 1, people over the age of 75 will not have to file taxes.  It may be noted that this exemption is given to senior citizens who are dependent on the interest earned on pension or fixed deposit.

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