New inx rules: Know major changes in ITR from April 1
The Central Board of Direct Taxes (CBDT) will be introducing a slew of major changes to the income tax from April 1 under the Income-tax (25th Amendment) Rule 2021. While the crypto taxation to be introduced from April 1 has been the prime point of concern among many, the government has also incorporated some changes in filing of updated returns, new tax rules on EPF interest, and tax relief on Covid-19 treatment.
One of the major changes in the non-crypto sector includes the introduction of a cap of tax-free contributions up to Rs 2.5 lakh on the Employee Provident Fund (EPF) account.
Another major change has been introduced to the income tax return. Now onwards, the taxpayers will have the flexibility to file an updated return for errors or mistakes made in income tax returns within two years from the end of the relevant assessment year.
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