ITR: You may have to pay double TDS from July 1 if you do not file income tax return

According to Finance Act 2021, if a taxpayer has not filed TDS in the last two years and TDS deducted each year exceeds of Rs 50,000, the Income Tax department will charge more while filing the ITR from July 1

New Delhi: A higher TDS/TCS rate would be applicable for Income Tax Return (ITR) non-filers from July 1, according to the Finance Act, 2021. The Finance Act has broadened the scope for collection of tax from the very source to ensure proper income reporting by every assessee.

Higher TDS/TCS rate would be applicable for Income Tax Return (ITR) non-filers from July 1, according to the Finance Act, 2021. The Finance Act has broadened the scope for collection of tax from the very source to ensure proper income reporting by every assessee.

According to Finance Act 2021, if a taxpayer has not filed TDS in the last two years and TDS deducted each year exceeds of Rs 50,000, the Income Tax department will charge more while filing the income tax returns (ITR) from July 1.

Under Section 206AB of the Income Tax Act 1961, the new TDS rate levied would be the highest of:

  • Double the rate specified in the relevant provision of the Income Tax Act; or
  • Double the rate of rates in force; or
  • At the rate of five per cent.

For TCS collection, the rate under section 206CCA of the Act will be higher of: Double the rate specified in the relevant section; or 5 per cent.

The New Rule Won’t Be Applicable in These Cases

However, the newly implemented Section 206AB will not be applicable for TDS deducted under Section 192 for salary or withdrawal from Provident Funds under Section 192A. TDS on winning from the card game, crossword, lottery, puzzle or any other games and horse race under Section 194B or 194BB will not come under the purview of new section. It will not be applicable for TDS on cash withdrawal over Rs 1 crore under Section 194N and income against investment in the securitisation trust under Section 194LBC.

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Article first Appeared on Informalnewz

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