Changes income tax rules April 1st

Changes income tax rules.

These rules of PAN including Income Tax, GST, will change from 1st April to 1st April Posted on March 28, 2020 by Etoinews Editor

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The new financial year is set to begin on April 1. In the new financial year, there are many changes in the rules that will affect your daily life. Be aware that these changes are going to take place from the GST return to the PAN card rules. Starting April 1, the new financial year begins. In the new financial year, there are many rules that are changing in your daily life. So let's tell you what has changed since April 1st.

PAN-Aadhar Link If you have not yet linked your PAN card to Aadhaar, your PAN card will be unlocked on 1st April. The last date for linking the PAN to Aadhaar is March 31, 2019. About 17.58 crore PAN cards are still not linked to Aadhaar. However, more than 30.75 crore people have already linked their pan-base.

New GST Return The decision was taken at the 31st meeting of the GST Council to introduce a new GST return system for taxpayers. The new system will take effect from April 1. This will facilitate filing of GST returns. Under the new arrangement two new forms GST FORM ANX-1 and GST FORM ANX-2 have been introduced.

For overseas tour packages, TCS will now have to go abroad. From April 1, 2020, buying foreign tour packages and spending any funds abroad will be costly. If a foreigner buys a tour package or exchanges a foreign currency, tax collection at source over Rs 7 lakh will have to be paid. Indeed, the Central Government has proposed to impose 5 percent TCS on foreign tour packages and funds by amending Section 206C in the General Budget 2020.

The new income tax system will be implemented In the Budget 2020-21, the government introduced a new income tax regime with alternative rates and slabs, which will be effective from the new fiscal year beginning April 1. There will be no exemption and deduction benefits in the new tax regime. However, the new tax regime is optional ie the taxpayer can pay income tax as per the old tax slab if he wants. At the same time, under the new tax proposal, no tax is to be paid to the income earner of Rs 5 lakh annually. The tax rate for those with annual income of Rs 5 to 7.5 lakh is 10 per cent, 15 per cent on income of Rs 7.5 to 10 lakh, 20 per cent on Rs 10 lakh to Rs 12.5 lakh, 25 per cent on income of Rs 12.5 lakh and Rs 15 lakh. An income of more than Rs will be taxed at the rate of 30%.

Vehicle rules From April 1, only vehicles with BS-6 standard will be sold in the country. The Supreme Court had in October 2018 ordered that no new vehicles of BS-IV standard will be sold after March 31, 2020. Automobile companies have come up with several offers to sell BS-4 vehicles and are offering huge discounts on the purchase of many models of their BS-4 vehicles.

The rules related to medicines will change. Please inform that the government has declared all medical devices as drugs. The Ministry of Health issued a notification on Tuesday. According to which, the equipment used on humans and animals will also be called drugs. Subsequently, the equipment used on humans and animals will be kept under the category of drugs under Section 3 of the Drugs and Cosmetic Act, 1940 (23 of 1940), which will come into force from 1st April 2020.