Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in from Today 7th June 2021.
1. key changes in ITR Forms for A.Y 2021-22 in the simplified form regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N.
2. Now what is Section 194N-TDS u/s 194N is required to be deducted if the amount of cash withdrawn from a banking company or co-operative bank or post-office from one or more accounts maintained by the taxpayer exceeds –Exceeds Rs 20 lakhs in case of non-filers of return and Rs 1 crore in all other cases.
3. If tax has been deducted u/s 194N, a person can file –ITR 2, ITR3, ITR 4, Tds deducted u/s 194 N cannot be carried forward.
4. File ITR Now (i.e. In the Same Financial year TDS credit will be given):
A) 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 the previous year relevant to Assessment year in which tax has been deducted.
B) 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.
C) 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).
5. Dividend also taxable from A.Y 2021-22- As we know Dividend Income taxable from A.Y 2021-22 in hands of Assessee from A.Y 2021-22 so we are required to give a quarterly break-up of Dividend received in order to get relief from interest levied u/s 234C.
6. For easy payment of taxes, a new IT portal to soon give options like UPI, Credit Card & RTGS/NEFT, besides net-banking.
This article is for information only. For any other information please contact on mail [email protected] and WhatsApp 8879882025.