Monthly Updates

14) In April 2020, partial withdrawal from NPS has been allowed for Covid-19 treatment purpose as well. Also health insurance premiums can now be paid in monthly, quarterly and half yearly instalments as part of Covid-19 relief measures.

Particulars Old New
Partial withdrawal from NPS Allowed for reasons like education, marriage, construction of house and critical illness. Allowed for treatment of Covid-19 for self, spouse,children including legally adopted children and dependent parents.
Tax Collected at Source (TCS)
  1. Tax to be collected at source on foreign exchange transactions from Apr1 2020
  2. 5% Tax collected at source on remittances aggregating to Rs 7 lakhs or more in a financial year, with effect from Apr1 2020
  1. Provisions on TCS to be applicable only from 1 October 2020.
  2. TCS of 5% source on remittances which are in excess of Rs 7 lakhs in a financial year and not on total amount .
Health insurance premium payment in installments Health insurance premiums to be paid annually Option available to pay health insurance premium monthly, quarterly, half yearly or annually.

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    ITR Form Base Rate ** Services Offered
    ITR 1 Rs. 750+taxes Only for ITR 1 filing, Single Form 16 and only Salary Income
    ITR 1 Rs. 1000+taxes Multiple form 16, interest income from FD/Savings ac & salary income
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    ITR 2 Cost will be discussed based on complexity Other than the above cases
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