Relevant Income tax updates that everyone should know

Relevant Income tax updates that everyone should know

The Income Tax Department has clarified that the New E-Filing Portal will soon be available.

 The new e-filing portal will have features such as:
✔️ Immediate Processing of ITRsf or quick refunds to taxpayers. 

✔️ Single Dashboard to display all interactions, uploads or pending actions for follow-up action by Taxpayer. 

✔️ *Proactive Updating of Profile* to provide details of income which will be used in pre-filling ITR. 

✔️ Pre-filling with salary income, interest, dividend and capital gains after upload of TDS and SFT Statements

key changes in ITR Forms for A.Y 2021-22 in simplified form- Regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N. 


Now what is Section 194N ?

TDS is required to be deducted if amount of cash withdrawn from banking company or co-operative bank or post-office from one or more accounts maintained by taxpayer -

 Exceeds Rs 20 lakhs in case of non-filers of return and Rs 1 crore in all other cases

Therefore, If tax has been deducted u/s 194N, a person can file –ITR 2, ITR 3, ITR 4.

TDS deducted u/s 194N cannot be carried forward to subsequent years.It means Credit for tax deducted u/s 194N can be taken in previous year relevant to Assessment year in which tax has been deducted.

Option has been given to Individual or HUF as per Section 115BAC-

As you know from A.Y 2021-22 option is available to Individual & HUF whether to opt New Scheme or not . 

So option is given to Assessees to select new scheme-Section 115BAC and required to file Form-10IE before filing the return u/s 139(1).

Change in Schedule 112A-LTCG from sale of equity shareor unit of equity oriented fund on which STT is paid –Sale price per share/unit now added in Schedule 112A which was not earlier provided.


Changes in Section 44AB-

The threshold limit to get books of account audited increased from Rs 1 crore to 10 crores if the following conditions are satisfied-

Aggregate of all receipts in cash during the previous year does not exceeds 5 % of such receipts.

Aggregate of all payments in cash during the previous year does not exceeds 5 % of such payments

Get your Bank Statements, Income statements and Investment Proofs ready as ITR 1 and ITR 4 will be made available shortly 


For easy payment of taxes, new IT portal to soon give options like  UPI, Credit Card & RTGS/NEFT, besides net-banking. 


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