From changes in banking rules due to merger of banks, income tax filing rule changes in terms of EPF investment, to, new salary structure from April 2021, TDS/TCS deduction, changes in ITR rules for senior citizens, LTC cash voucher scheme, banks merger etc. are some of the glaring changes that are going to take place from 1st April 2021.
April 1 will mark the beginning of a new financial year and will bring a slew of income tax changes. Some of the changes were announced by the Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021 in February. Here is a list of changes which will be introduced from the coming financial year.
Transaction details of individual tax filers with respect of capital gains, dividend income, and interest income will soon become a standard of the pre-filled Income Tax return (ITR) form as the government looks to make tax compliance convenient for taxpayers.
The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 1000 crore. Unaccounted cash of Rs. 1.2 crore has been seized so far.
The Income Tax department carried out the searches at 28 locations in Delhi, Hyderabad, Mumbai and Pune on premises linked to Phantom Films, Anurag Kashyap, Taapsee Pannu, Vikas Bahl, Madhu Mantena and some executives of talent management company KWAN and also another talent management company.
During the Income Tax department searches, that were carried out at over 30 locations in Mumbai and Pune, including the premises of noted film director Anurag Kashyap, actor Taapsee Pannu, filmmaker Vikas Bahl, and executives of Kwann Talent management, evidence of huge suppression of income by the leading Film Production house compared to the actual box office collections has been unearthed.
The Income Tax Department carried out search and seizure operations on March 3 on two groups of civil contractors in Southern Tamil Nadu. Searches and surveys were conducted in 18 premises mainly in Madurai and Ramnad districts.
The Income Tax department's raid continued overnight at properties linked to Bollywood actor Taapsee Pannu and filmmaker Anurag Kashyap in Mumbai and Pune. The I-T sleuths raided the homes and offices of Pannu, Kashyap as well as his partners who launched the now-shuttered production house Phantom Films, according to officials privy to the development said.
Amid these Income Tax raids, Taapsee Pannu and Anurag Kashyap have found support in actress Swara Bhasker and filmmaker Anubhav Sinha.
The Income Tax Department on Wednesday raided the homes and offices of Bollywood actor Taapsee Pannu and filmmaker Anurag Kashyap as well as his partners who launched the now-shuttered production house Phantom Films, officials said. The searches, part of a tax evasion probe against Phantom Films and carried out across 30 locations in Mumbai and Pune, also covered Reliance Entertainment group CEO Shibhasish Sarkar and some executives of celebrity and talent management companies KWAN and Exceed, they said.
The CBDT said in a statement that Rs 8.30 crore cash was seized during the raids on the group engaged in the business of manufacture and sale of tiles and sanitaryware. The group is the "leader" in tiles business in south India.
The new Income Tax regime effective from April 1, 2020, co-exists with the old Income Tax regime. It offers lower, concessional tax rates compared to the rates offered in the existing rates.
Sitharaman presented the Union Budget 2021-22 on Monday, which was approved by the Union Cabinet headed by Prime Minister Narendra Modi earlier today.
The salaried class was expecting from Nirmala Sitharaman to revise the Income Tax slabs that have been left unchanged for years. Besides higher basic exemption limits, people also expected a hike in the exemption limits under Section 80C and 80D.
Finance Minister Nirmala Sitharaman with the Budget team; she will present the Union Budget 2021-22 tomorrow.
From bringing back jobs in the market to tax deductions, there are a lot of expectations from Modi government's Budget. Although Sitharaman, in the last Budget, announced cuts in personal income tax, the government has so far pushed for a rebate on all payable taxes, and the basic tax exemption limit has remained the same.
The Income Tax Department on Wednesday said it has issued over Rs 1.81 lakh crore worth refunds to more than 1.74 crore taxpayers so far this fiscal year.
The Central Board of Direct Taxes (CBDT) has launched an automated dedicated e-portal on the e-filing website of the department to receive and process complaints of tax evasion, foreign undisclosed assets as well as grievances regarding benami properties.
More than 5.27 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 7, the Income Tax Department said on Friday.
The Income Tax Department on Thursday conducted surveys at the head offices of Instakart - a group company of Flipkart - and Swiggy in Bengaluru. The surveys were underway in connection with bogus Input Tax Credit (ITC), news agency ANI quoted sources as saying.
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