What are the current updates in income tax?

Question

Accepted Answer

The government has introduced various updates in income tax laws in the recent years.

The Finance Act, 2021 has introduced a new provision for tax deduction at source (TDS) on purchase of goods at 0.1% rate.
The deadline for filing income tax returns for the financial year 2020-21 has been extended to September 30, 2021.
The government has introduced a new tax regime with lower tax rates for individuals who are willing to forego certain exemptions and deductions.
The Finance Act, 2020 has introduced a new tax regime for individuals and Hindu Undivided Families (HUFs) with lower tax rates.
The government has increased the threshold limit for tax audit from Rs. 1 crore to Rs. 5 crore for businesses that carry out less than 5% of their transactions in cash.
The government has introduced a new provision for taxing dividend income in the hands of the recipient at applicable rates.
The government has introduced a new provision for taxing interest income on employee's contribution to provident fund at applicable rates.
The government has introduced a new provision for taxing income from sale of goods or services through digital platforms at 1% rate.
The government has introduced a new provision for taxing income from royalty and technical services at 2% rate.
The government has introduced a new provision for taxing income from foreign remittance at 5% rate.

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