Filed your ITR 2021? Income Tax Department has important message for you—Know IT rules that will change for EPF, TDS from April 1
Did you file your Income Tax Return for Annual Year 2020-21 as of yet? If not, Income tax India has an important message for you.
Did you file your Income Tax Return for Annual Year 2020-21 as of yet? If not, Income tax India has an important message for you. Infact, there are 5 days, including March 27, are left to file your return and last moment rush could delay your ITR filing. This message is more sort of reminder and consequences if you fail to file your return on the said deadline, I.e March 31.
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Income Tax India said ITR filing post the deadline may attract late fee. It has urged the taxpayers to complete the exercise at the earliest to avoid interest fee.
"DO NOT IGNORE THIS! If you haven’t filed your Income Tax Return (ITR) yet, this is your last chance to do so. Last date to file your ITR for AY 2020-2021 is March 31st, 2021," Income Tax India Tweeted reminding citizens to complete the exercise before March 31.
DO NOT IGNORE THIS!
— Income Tax India (@IncomeTaxIndia) March 27, 2021
One can file their income tax returns through incometaxindiaefiling.gov.in. Taxpayers can also call on 18001030025 in case of any query or if they face problem while filing their return.
Meanwhile, there are several rules that will change from April 1, including related to Income Tax. From April 1, one's investment in EPF account is no more fully exempted from the income tax. From 1s April 2021, one's investment in EPF above Rs 2.5 lakh in a financial year is taxed.
One's EPF interest on EPF investment above Rs 2.5 lakh in a particular year is taxable. Income tax rule for TDS (Tax Deducted at Source) will get changed from 1st April 2021, which is just a few days away. In her budget speech, Sitharaman said that if a person doesn't file income tax return (ITR), then in that case, the TDS rate on bank deposits would double. That means, even if an earning individual doesn't fall in the income tax slab, the TDS rate levied on them will be doubled (in case the earning individual does not file ITR).
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