With this, it has been decided to take strict action against those who do not file income tax returns. All these changes will come into effect from 1 April 2021. If a person does not file Income Tax Return (ITR) from April 1, the interest rate of TDS on bank deposits will be doubled. This means that if a person does not come in the Income Tax Outgo Slab and does not file ITR, then the rate of TDS on him will be doubled.
Changes In Income Tax Come With Effect From 1st April 2021
Relief to Super Senior Citizens
Will the TDS rule also apply to Super Senior Citizens? Regarding this, Pankaj Mathpal (Managing Director of Optima Money Managers) says that from 1 April 2021, senior citizens above 75 years of age will not have to file ITR. This exemption has been given to those senior citizens who are dependent on pension or interest on fixed deposits. The first law of income tax in the country came 160 years ago. The first budget was presented in 1860 by British officer James Wilson. Income tax law was added to this. In the first budget of the country, income tax rebate was given to those earning an annual income of up to 200 rupees. The Income Tax Act of 1961 is currently in force in the country. It is amended from time to time.
