New tax law from April 1st

New Delhi, 17/3 (AO Bureau):Corona has had a major impact on the country’s economy. Meanwhile, five new income tax laws are set to be introduced in the country from April 1 next year. Union Finance Minister Nirmala Sitharaman proposed to implement the rules in the budget presented this year. Those who do not file an income tax return will have their TDS deducted. Similarly, those who keep more than Rs 2.5 lakh a year in EPF accounts will be taxed.

From April 1, senior citizens aged 45 and over will no longer have to file an income tax return if they have a permanent deposit in a bank and withdraw their interest and pension from that bank. In addition, individual taxpayers will be provided with pre-filing income tax returns or ITRs.

In order to make it easier for taxpayers to do all the work related to filing income tax, salary income, tax payment, TDS etc. will come in the pre-filled income tax return.

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