10 Important Income Tax Changes Applicable in FY 2021-22

August 18, 2021

1. TDS/TCS to be deducted/collected at the original (higher) rate – with effect from 01/04/2021

2. High TDS/TCS rates for the Non-filers of Income-tax Return – wef 010/7/2021

3. TDS on purchase of goods – wef 01/07/2021

4. Penalty – if PAN and Aadhar not linked till 30 June 2021

5. No Interest on short Payment of Advance Tax due to Dividend Income – wef 01/04/2021

6. Tax Audit limit for non cash business extended to 10 crores – AY 2021-22

7. No equalisation levy – If payment is taxable as Royalty and FTS

8. Corpus Donation will be exempt only if invested in specified investment – wef 01/04/2021

9. Extended tolerance band in Real estate value i.e. 20% between stamp duty value and actual sale value is till June 21

10. Professional LLP and HUF have to maintain books of accounts for AY 2021-22 also