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Changes: Many rules related to EPF, TDS, ITR changed as new financial year starts

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new Delhi. The new fiscal year is going to start from April 1, 2021. Many rules are going to change in the country from this day. They will have a direct impact on your life. For example, these rules will definitely affect you in one way or the other. On one hand, you will get relief from these new rules, on the other hand, if you do not take care of some things, then you can also suffer financial loss. Under these changes, the interest received on PF deposits of more than 2.5 lakh rupees per annum will come under the tax net. With this, e-invoice will be necessary for the businessmen. Apart from this, check books etc. are also included. Come, know about these changes…

EPF Contribution –
From today, the interest received on deposits of more than 2.5 lakh rupees annually in the Employees Provident Fund will now be taxable. Interest income will be taxed.

Pre-fielded ITR-
The process of filing income tax returns is being made easier. The Income Tax Department will provide the pre-completed ITR form from the new financial year.

Exemption from filing returns-
From April 1, senior citizens above 75 years of age will be exempted from filling the ITR. The benefit of this will be given to those who earn income from pension and FD interest.

Double TDS-
The government has tightened tax deduction rules at source to promote return filing. Returns that are not filled will have to pay double TDS after April 1.

Check book will be changed
The old check book of Dena Bank, Vijaya Bank, Andhra Bank, Corporation Bank, Oriental Bank of Commerce, United Bank and Allahabad Bank will not be valid from 1st April.

E-invoice required-
Under Business-to-Business from April 1, e-invoices will be required for them, whose annual turnover is more than Rs 50 crore.

Transaction fees
If your account is in the post office, a deposit or withdrawal from April will be accompanied by a fee on the Aadhaar Based Payment System (AEPS).

Non salaried
From April 1, non-salaried class people like freelancers, technical assistants etc. will now have to pay 10% TDS on their earnings.

Conflict-of-faith
March 31 is the last date for filing the Declaration Form under the Dispute-to-Confidence Scheme. The plan aims to reduce litigation.

Bottled Water-
From today it will not be easy for companies to sell bottled water. FSSAI has made certification mandatory for manufacturers to obtain licenses.

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