Taxpayer Alert! 5 changes in income tax, personal finance rules effective from July 1

Taxpayer Alert! 5 changes in income tax, personal finance rules effective from July 1

In view of the Covid-19 crisis, Finance Minister Nirmala Sitharaman in March this year had announced a number of relief measures for taxpayers and the common man, including the waiver of ATM withdrawal charges and relaxation in EPF withdrawal rules. Taking into consideration the hardship faced by the people during the lockdown, the government has recently further extended the due dates for various compliance requirements related to income tax for FY 2019-20 and FY 2020-21. Still, the deadlines for certain relief measures have ended now, while some new rules have been introduced effective from July 1, 2020. Therefore, it is in your own interest to take note of these changes and also to avoid any fee or penalty. Here we are taking a look at 5 changes in such rules effective from today: The government had announced a few months back that it would allow the Employees’ Provident Fund subscribers to make a partial non-refundable withdrawal from their PF accounts to address cash-crunch issues resulting out of the prevailing Covid-19 crisis. However, the deadline to avail of this facility has now ended. Now this could disappoint some of you who were planning to make a PF withdrawal. That said, if you were unable to do so, you should also look at the bright side. Your PF is the backbone of your retirement savings, and the longer it gets to grow without getting diminished by partial withdrawals, the bigger is the size of the final corpus. More so because PF interest rates are usually higher than ...
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