With this financial year Income Tax Return (ITR) date completing, there comes a new set of rules which might give you jitters. From September 1 as per the income tax new rules announced in the Budget, for these things now you have to pay more.
- From now onwards, you have to pay more TDS (tax deducted at source) when you buy a property as it will now include all the amenities like car parking or club membership to arrive at cost of the property for deducting the tax.
- If you withdraw cash above Rs 1 crore a year, you will now have to pay 2 percent extra TDS.
- If you pay the amount exceeding Rs 50 lakh to the contractor in a year for services like renovating a house, a wedding function, etc., now you will have to pay 5 percent extra TDS.
- The individual who has still not linked the Aadhar to the PAN card will now be issued new PAN card by the income tax department.
- If your life insurance maturity proceeds are taxable with you, from your net income 5 percent of TDS will be deducted.
- If now you book your tickets online from Indian Railways official website, pay service charges for the same.
- If you violate the rules as per the new Motor Vehicle Act, pay ten times higher the traffic fine as compared to below.
- From now on, your bank can be asked to inform every small transaction done by you to the income tax department. Earlier, the bank was supposed to inform the IT department if the transaction made by you is above Rs 50,000.
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