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There are various New Changes in Income Tax Laws, GST Laws, Company Laws & Personal Finances from 1st April, 2021. Covering important changes as follows:

A. Income Tax Laws :

1. Aadhar – PAN Linking deadline extended to 30/06/2021

2. Higher TDS/TCS Rates for Non-Filers of Income Tax Returns applicable from 01/07/2021

3. Senior Citizens above 75 years with Pension & Interest income exempted from Filing ITR

4. Pre- Filled ITR Forms to include details of Capital Gain from Listed Securities, Dividend Income, Interest from Banks, Post Office, etc.

5. New PF Tax rules: Deposit threshold limit increased upto Rs 5 lakh p.a. in provident fund for which interest would continue to be tax-exempt, if there is no employer contribution.

6. Gains from a ULIP policy shall be treated as Capital gains in case the premium paid for any year exceeds Rs 2.5 Lakhs. Such policies will now be taxed at 10% at maturity.

7. Time Limit reduced by 3 months for Filing Belated and Revised Income Tax returns

8. Late ITR Filing Fees of Rs 10,000/- u/s 234F done away with & Rs 5,000/- is maximum Late Fees for Total Income above Rs 5 Lakhs.

B. GST Laws :

1. E-Invoicing for B2B Supplies of Goods or Services if aggregate Turnover exceeds Rs 50 Crore.

2. HSN Code of 4 digits is mandatory for all B2B Tax invoices & Optional for B2C Tax Invoices on the supplies of Goods & Services for Small Taxpayers with aggregate Turnover upto Rs 5 Crore

3. HSN Code of 6 digits is mandatory for all B2B & B2C Tax invoices on the supplies of Goods & Services for Large Taxpayers with aggregate Turnover more than Rs 5 Crore.

4. New Series of Invoice as per Rule 46(b) of CGST Act

5. Waiver of penalty for Non Compliance of QR Code provisions between the periods from Dec 1, 2020 to Jun 30, 2021 if complied from Jul 1, 2021.

C. Personal Finance :

1. No Interest rates cuts on small savings scheme (PPF, NSC, etc.) of GOI as of now

2. Deferment of New Wage Code thereby no Change in Salary Structure as of now

3. Standard Personal accident insurance policy (Saral Suraksha Bima)

4. Standard Pension policy (Saral Pension Policy)

5. Standard Vector-Borne Disease Health Policy

D. Company Law :

1. Use of Accounting Software with Audit trail

2. Amendments/New Disclosures in Schedule III (General instruction for preparation of Financial Statements) of Companies Act, 2013

3. Amendment in Rule 11 (Other matters to be included in Audit Report) of Companies (Audit and Auditors) Rules, 2014 

Author Bio

CA Harshal Jain is a member of Institute of Chartered Accountants of India with 8 years standing in the Profession. He has wide experience in the field of Accounting, Audit & Assurance, Income Tax, Goods and Services Tax (GST). He had been associated with leading Private Sector Bank for it View Full Profile

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One Comment

  1. CA Harshal Jain says:

    Amendment under Company Law : Point No – 1. Use of Accounting Software with Audit trail

    The MCA vide Notification No. F. No. 1/19/2013-CL-V-Part III dated April 01, 2021 issued ‘Companies (Accounts) Second Amendment Rules, 2021’ to defer the implementation of mandatory use of accounting software having Audit Trail as provided under proviso to Rule 3 of the Companies (Accounts) Rules, 2014 till March 31, 2022.

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June 2024