Senior citizen above 75 is not filling income tax return. The senior citizen are exempted from income tax return. Exempt for filling income tax return fulfill certain conditions. The govt. will notify a few banks where accounts holders will be eligible for exemption they will be provide a declaration specified bank. Specified bank will have to compute the income of such senior citizen will have furnish the return of income for assessment year.
Pre filled information: ITR form will be pre filled information on dividend, interest and capital gains compliances for individual taxpayers. Capital gains from listed securities, dividend income, interest from bank and post office etc.
EPF Contribution : Interest on employee share to contribution employee provident fund will be taxable at stage of withdrawal exceeds Rs 2.5 lakhs in any year. This along with taxation of aggregate employer contribution in excess of 7.5 lakhs to EPF
Higher TDS for non- filers of income tax return : Government has proposed interest a new section 206 AB in income tax act as a special provisions higher rate of TDS of non- filer income tax return. This section will be twice rate specified in the relevant provision act twice rate 5%.
Leave Travel concession Scheme notified: Employee can still avail exemption leave travel concession of one third specified expenditure of 36000 whichever is less. They have incurred purchase goods & services of gst 12% or more. The amendment proposed for the financial year 20-21 only.
Tax holiday on affordable housing extended : The government holiday has been extended the additional tax deduction is 1.5 lakhs in interest paid on housing loan purchase for affordable by one or more year 31 march 2022. This was allowed for buying the first time and up to 45 lakhs cost.
Time limit for filling delayed ITR reduced: The last date to file revised income tax return or belated return on voluntary basis will now 31 december close the financial year 31 march 2022.The government has brought unit linked insurance plans under tax bracket. The redemption of unit linked insurance plans is tax exempt provide the total premium payable does not exceeds 10% assured sum. The annual premium was Payable by the individual exceeds 2.5 lakh subjected to capital gains tax at par with equity oriented mutual funds.
