Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.
Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.
I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.
In first part, we have included the rate of income Tax applicable for the Assessment year 2020-21 (Read Part -1 here) , now we will cover the changes made or brought in "Exempt income" i.e. INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME which are applicable for the Assessment year 2020-21 :-