The financial year 2020-21 will end on March 31 and a new fiscal year will begin from April 1. Many rules related to income tax are set to change.
From 1 April, a pre-filled ITR form will be made available to individual taxpayers. The move aims to simplify the process of filing income tax returns.
Section 194 Q has recently been added to the tax rules. It is related to the tax on pre-purchase price of goods. Under this rule, TDS of 0.10% will be deducted on business purchases above Rs 50 lakh.
In FY2020-21, bank credit grew 5.56% and deposits by 11.4%.
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