If you are giving information about salary and PF in ITR; So keep these 5 things in mind, otherwise big damage can happen If you are giving information about salary and PF in ITR; So keep these 5 things in mind
These things need to be mentioned in the ITR, otherwise you will have to pay to take it. Notice may also come from the Income Tax Department. (If you are giving information about salary and PF in ITR; So keep these 5 things in mind)
If you are giving information about salary and PF in ITR; So keep these 5 things in mind
New Delhi: Tax payment has started. Many changes have been made to the tax and PF considering the corona. Corona has caused many adversities. Many people have lost their jobs, many people’s salaries have been cut and many people’s salaries have stopped. The government has made a number of changes to the tax rules to provide relief to taxpayers in Corona. Withdrawals from EPF have also been made tax-free. You need to keep these changes in mind when filing an Income Tax Return (ITR). These things need to be mentioned in the ITR, otherwise you will have to pay to take it. Notice may also come from the Income Tax Department. (If you are giving information about salary and PF in ITR; So keep these 5 things in mind)
First and foremost. If your salary is cut, be careful. The company should also have a CTC when a pay cut is made. Ask the company’s HR to make a new CTC paper mentioning the pay cut. You have to provide this information while filling ITR. Failure to do so may result in future problems. It could be that someone’s salary has been stopped or increased in the future. In such a case advance tax is required to be paid on the salary. This must be done when TDS has not been deducted in that financial year.
Impact of tax withholding
Corona is having an effect on the salaries of many people. Many people’s salaries have been postponed. If this happens, make sure you pay the tax according to the salary. It is often the case that employees assume that it is the company’s job to pay taxes, so they do not pay much attention. You may be stuck if the company pays less tax in case of a pay cut or deferment. Notice may come from the tax department or compensation may be required. Therefore, it is necessary to understand how much tax has to be paid on salary. The rule is that if the company does not deduct tax on any part of the employee’s salary because the payment has been postponed, the employee will be liable to pay advance tax on that part of the salary. If one does not do so, he will have to pay compensation with interest.
What to do if you are withdrawing money from PF
In the past, corona had made people’s condition worse. People make full use of PF funds to cover expenses. If you have done this too, you need to know the tax rules. Apart from EPF, the same rule applies to PPF. By law, money withdrawn from PPF or EPF may be tax-free, but full information must be provided in the ITR. The EPF has stated in its FAQ that tax rules do not apply to those who have taken an advance under the EPF scheme. So you can write this money in ITR for free. However, if you withdraw money from PF in general, the rule is different. It may have tax liabilities, which must be mentioned in the ITR.
Find out if the allowance is taxable
In Corona, companies have started paying work fron home money as part of wages. This means that companies have added compensation to their employees’ salaries. If this happens to you, you will have to pay tax on it. His rule is very clear. It will not be tax deductible. If you are a consultant you can run the business by deducting TDS at the rate of 10%. But if you are a full-time employee, you will have to pay tax according to the tax slab on the money received as part of your salary. This should be mentioned in the ITR. If the company pays electricity bill, phone bill or internet bill as compensation, the claim can be made by showing it in the ITR.
Have you taken any financial help in Corona?
Have you taken financial help from the government because of the difficult situation in Corona? As a help, you have taken money or borrowed. If so, remember the tax rules and mention them in the ITR. The government has made new rules regarding the treatment of covid. The government is providing financial assistance to the people. If the company has helped treat Kovid, it is tax-free this fiscal year. You have to show this income in the discount section in ITR. However, no final decision has been taken yet. Therefore, if you are going to file an ITR for the current financial year, avoid these mistakes.
If you have purchased furniture for work from home
Remember that most people have set up an office for work from home. For this, expenditure has been incurred on furniture etc. If an employee wants to get a tax deduction by showing this cost in an allowance, it will not happen. If you have taken allowance for the purchase of furniture, you will have to pay tax on it. It should be mentioned in full in the ITR. You can get a discount on the price of telephone, internet, newspaper, etc., but not on furniture. (If you are giving information about salary and PF in ITR; So keep these 5 things in mind)
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