New Income Tax Rules: From the new financial year, if taxpayers want to fill their ITR by rectifying any mistake or mistake, then they can file it again.
New Income Tax Rules: With the beginning of the new financial year 2022-23, the new income tax rules have come into effect from April 1, 2022. Major changes have been made like income tax on crypto assets, filing of updated returns, new tax rules on EPF interest, and tax relief on COVID-19 treatment.
Under the new income tax rule, interest on PF investment above Rs 2.50 lakh will be taxed. Apart from this, tax exemption has also been given on the expenditure incurred on the treatment of Covid-19. If there is profit in crypto, the government will have to pay tax. Even if you make a loss on crypto, you will still have to pay tax.
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From the new financial year, if the taxpayer wants to file his ITR by rectifying any mistake or mistake, then he can file it again. Taxpayers can file updated returns for two years from the assessment year. Senior citizens of 75 years of age or above are exempted from filing Income Tax Return (ITR) with effect from 1st April 2022.
However, this exemption from filing ITR is available to senior citizens only on fulfilling certain conditions. In addition, a declaration is also to be given by the senior citizen to the bank. No tax will be levied on the annuity or lump-sum payment for a disabled dependent and will be exempted for life.
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