6 Significant Changes In Income Tax WEF 01.04.2021
1. Pre-filled ITft Forms: The Prefilled ITft Forms will have information of Capital Gains from Listed Securities, Dividend Income, Interest from Banks/Post Office, etc.
2. Tax on Interest on PF: Interest earned from the Provident fund is exempt from Income Tax. But, in Budget 2021 has proposed that Interest on Employee Contributions to Provident fund over fts. 2.5 lakhs should Taxable.
3. Penalty for Non-Linking of Aadhar & PAN,
4. High TDS/TCS Rate for Income Tax Return (ITR) Non-Filers,
5. Submission of bills under LTC Cash Voucher Scheme and
6. No Tax Filing for Senior Citizens Above 75. more
2. Tax on Interest on PF: Interest earned from the Provident fund is exempt from Income Tax. But, in Budget 2021 has proposed that Interest on Employee Contributions to Provident fund over fts. 2.5 lakhs should Taxable.
3. Penalty for Non-Linking of Aadhar & PAN,
4. High TDS/TCS Rate for Income Tax Return (ITR) Non-Filers,
5. Submission of bills under LTC Cash Voucher Scheme and
6. No Tax Filing for Senior Citizens Above 75. more
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By the way Telengana State employees get a 30% raise and the retirement age is increased to 61 more
Mar 23
Hope this system will help in catching the tax evaders, specially those who are filthy rich and still not paying any tax. more
Mar 20
The only way more compliance can be accomplished is
1. Audit and catch and publicise violators and award severe penalties and punished regardless of who they are. We have to create a feat in the minds of the violators. This is what the US does. People are scared to cheat on their taxes but some still do as the government can audit only so many returns. Of course cash transactions are minimal. The IT department has various ways of catching under reporting tax filers. Special algorithms are built to detect fraud. Say if you are an engineer or Doctor the government figures out your estimated income. If there is suppression of income the algorithms detect it and subject you to an audit. The fear of audit is enormous. Not all audit are vicious. There have been cases where people get refund after an audit because of some errors in your filing. more
1. Audit and catch and publicise violators and award severe penalties and punished regardless of who they are. We have to create a feat in the minds of the violators. This is what the US does. People are scared to cheat on their taxes but some still do as the government can audit only so many returns. Of course cash transactions are minimal. The IT department has various ways of catching under reporting tax filers. Special algorithms are built to detect fraud. Say if you are an engineer or Doctor the government figures out your estimated income. If there is suppression of income the algorithms detect it and subject you to an audit. The fear of audit is enormous. Not all audit are vicious. There have been cases where people get refund after an audit because of some errors in your filing. more
Mar 20
When I have NRO and NRE account , are they each protected upto 5 lakhs insurance. I say No. The bank says since the account numbers are different each account is protected up to 5L each. If this argument holds good then if one has a current account, Savings account and FD with having different account numbers will each be protected upto 5 lakhs🤭 more
Mar 19
Mr. Narayanan your interpretation is right. The amount is to be aggregated in all the accounts in a branch & other branches of the same bank. Different account numbers doesn't change this position. more
Mar 19
