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Tax planning: Check latest changes made in ITR forms

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Earlier, dividend income up to Rs 10 lakh was exempt from tax under Section 10(34). Taxpayers were required to show such income under the exempt income section.

The duty division said no huge changes were made for the current year because of the Covid pandemic while advising new personal assessment form (ITR) structures for evaluation year 2021-22 (AY22). 

In accordance with the adjustments in the Finance Act, 2020, there are sure changes that have been brought. Here are a portion of the Key changes you should know. 

The profit pay must be unveiled under "pay from different sources". In the Finance Act, 2020, profits were made available in the possession of the citizens rather than profit dispersion assessment to be deducted by the organization or installment or assertion of profit. 

"Until AY21, just profit pay that was not excluded was needed to be uncovered in the part 'pay from different sources'. Presently, a wide range of profit salaries are needed to be unveiled here," an expense research firm said in a Mint. 

Citizens were needed to show such pay under the excluded pay area. Prior, profit pay up to Rs 10 lakh was excluded from charge under Section 10(34). The reference to profit pay up to Rs 10 lakh from a homegrown firm has been taken out from the absolved pay area. 

Under Section 115BAC, the public authority presented another concessional charge system in FY20 that permits citizens the alternative to pay charge at lower chunk rates however swear off around 70 derivations. The citizen is needed to pick in the event that the person is choosing the concessional charge system under Section 115BAC in Part An of the tax documents.

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