BUDGET 2021 - INCOME TAX FOR FY-2021-22

  There is no change either in Income tax slabs or the Tax Rate to what has been the previous year ie FY - 2020-21. As such it is necessary to look at the same to refresh the slabs , rates and the new vs the Old Regime. We are happy to include the same in this post.  There is only one change  that Assesses above 75 Years of age who have no other income than their Pension and Bank interests have been exempted in filing their income tax returns. In their case the bank will work out the tax liability based on the pension and the Interest from FDs etc and deduct the tax as per slabs and submit the same to the IT Dept. The assesses will be given a certificate by the Bank on payment of the Tax.

  In such a case the assesses will have to file an undertaking to the bank that they donot have any other bank account or deposits in any other bank. In case one (above 75 yrs of age) has another bank account and have deposits in other banks, he or she will be required to file the return. 

President/Secretary,

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