Income tax return news in hindi | Did not file ITR? TDS may have to be paid double from July 1, ITR not filed? TDS may have to be paid double from July 1

Income tax return news in hindi | Did not file ITR? TDS may have to be paid double from July 1, ITR not filed? TDS may have to be paid double from July 1

Did not file ITR?  TDS may have to be paid double from July 1

New rule regarding income tax return (pic-istock)&nbsp

Headlines

  • The Income Tax Department has issued a circular regarding the implementation of Section 206AB and 206CCA.
  • Those who have not filed income tax returns in the last two financial years will be charged tax at a higher rate.
  • The Income Tax Department has also prepared a list of distinguished persons.

New Delhi: According to the Finance Act, 2021, difficulties are going to arise for those who do not file Income Tax Return (ITR) from July 1. Higher TDS/TCS rate will be applicable on them i.e. they will have to pay more TDS/TCS. The Income Tax department on June 21 said that it has come up with a new mechanism to help those who deduct TDS (tax deducted at source) and collect TCS (tax collection at source) on July 1 Tax will be charged at a higher rate than

In the budget for the financial year 2020-21, it has been provided that tax deduction at source and tax collection at source will be at a higher rate in the case of those who have not filed income tax returns in the last two financial years, which will be taxed at a higher rate in each of the two years. 50,000 or more in tax deduction. The Central Board of Direct Taxes (CBDT) has issued a circular regarding the implementation of sections 206AB and 206CCA for deduction/collection of tax at a higher rate in the case of such persons who have not filed circular tax returns.

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Under section 206AB of the Income Tax Act 1961, the new TDS rate to be levied will be highest:-

– shall be twice the rate specified in the relevant provision of the Income Tax Act.
– Double the applicable rates.
– At the rate of five per cent.

For TCS collection, the rate under section 206CCA of the Act will be higher than this. shall be twice the rate specified in the relevant section or 5 per cent.

The new rule will not apply in these cases

However, the newly applicable section 206AB will not be applicable for TDS deducted under section 192 for withdrawal from salary or provident fund under section 192A. TDS on winnings from card games, crosswords, lottery, puzzle or any other game and horse race under section 194B or 194BB will not come under the ambit of the new section. This will not be applicable for TDS on income against investment in Securitization Trust under section 194N and cash withdrawal exceeding Rs.1 crore under section 194N.

The Income Tax Department has written on Twitter that a new system has been issued for compliance check for Section 206AB and 206CCA. This will reduce the compliance burden for the tax deductor and TCS collector at source. The CBDT said that since the deductor of TDS or the collector of TCS would need to take due care and work on the identity of the individual, it may lead to additional compliance burden on them. The board said the new regime – compliance checks for Sections 206AB and 206CCA – will reduce this compliance burden on them. Under the new system, the TDS or TCS collector has to enter the PAN of that payer or TCS debtor in the process, from which it will be known whether he is a specific person or not.

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The Income Tax Department has prepared a list of distinguished persons in the beginning of 2021-22. While preparing this list, the last two relevant years, 2018-19 and 2019-20, have been considered. This list contains the names of taxpayers who have not filed returns for assessment years 2019-20 and 2020-21 and their total TDS and TCS of Rs 50000 or more in each of these two years.

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