Tax tasks you must complete in April itself

Tax tasks you must complete in April itself

On April 1, the Central Board of Direct Taxes (CBDT) notified all the income-tax related (ITR) forms for assessment year 2020-21. While you have time to file your returns (for income earned during the FY 21), till July 31, there are few things that you should complete in April itself, to avoid unnecessary complication and trouble. Read more to know Old or new income tax regime: declare now From the last financial year i.e. 2020-21, taxpayers are required to choose between the new and old income-tax regime they want to adopt. If you are a salaried individual, you must make this declaration to your employer in the month of April itself so that your employer can deduct the taxes accordingly, before paying your monthly salaries. “That’s because the tax rates and exemption and deductions that an individual can claim, are quite different in both of the tax regimes,” said Kapil Rana, Founder And Chairman, HostBooks Limited. For instance; under the new tax regime, the exemption of section 10(14) are not allowed, except transport allowance to disabled employees. Additionally- and under …
More on: www.moneycontrol.com