PERSONAL INCOME TAX ‘CHECKS’ YOU MUST WATCH OUT FOR
02.02.2021
Relief from income-tax return filing for senior citizens (aged 75 or more) will not be available if the individual has more than one bank account or has income other than pension and bank interest.
Gap of up to 20% between stamp duty value and sale consideration is only allowed for first-time allotment of residential unit between November 12, 2020 and June 30, 2021. For all other cases (such as purchase of house from an existing owner), the current limit of 10% in variation will continue to apply.
LTC cash scheme is only applicable for the financial year 2020-21. No tax benefit on LTC is available for goods or services purchased after April 1, 2021.
There is lack of clarity on whether EPF interest will be taxable even where the employee’s contribution exceeding 2.5 lakh was made before April 1, 2021 but the interest accrues on such past contributions after April 1, 2021.
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