Income Tax Changes from Today:

 1. Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in from Today 7th June, 2021.

2. 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. 

3. Now what is Section 194N-TDS u/s 194N is required to be deducted if amount of cash withdrawn from banking company or co-operative bank or post-office from one or more accounts maintained by taxpayer exceeds –Exceeds Rs 20 lakhs in case of non-filers of return and Rs 1 crore in all other cases

4. If tax has been deducted u/s 194N, a person can file –ITR 2, ITR 3, ITR 4, Tds dedcuted u/s 194 N cannot be carried forward-

5. File ITR Now

• 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).

6. File ITR Now

• 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.
• 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 quarterly break-up of Dividend received in order to get relief from interest levied u/s 234C.
• 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

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

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

Source Dr.(CA Raj Chawla)