Income tax latest news today: Income Tax Department has developed a new system, which will identify such taxpayers from whom tax will be charged at higher rates.
Income tax latest news today: Income Tax Department has developed a new system for collecting tax. In this, such people can be identified, who are in the purview of higher tax. Actually, the tax department has created a new system of tax deduction at source (TDS) and tax collection at source (TCS). This will help in identifying those ‘specified persons’ from whom income tax will be charged at a higher rate from July 1, 2021. Such a provision has been made in the budget 2020-21. The Central Board of Direct Taxes (CBDT) has issued a circular in this regard.
In the circular issued by the CBDT, there is information regarding the implementation of sections 206AB and 206CCA regarding TDS / TCS at a higher rate in the case of such people who have not filed income tax returns. According to the budget provision, those who have not filed income tax returns in the last two financial years will have to pay more TDS / TCS. This will be applicable to those taxpayers whose tax deduction is 50,000 or more in every financial year.
Tax department prepared the list
The Income Tax Department has tweeted and wrote, “A new system has been issued regarding compliance check for section 206AB and 206CCA. This will make it easy for the TDS or TCS collector.” With the new system of the tax department, 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 that he is ” special person” or not. The Income Tax Department has prepared the list of ‘Special Persons’ by the beginning of 2021-22.
While preparing the list, the tax department has taken into account the last two years, 2018-19 and 2019-20. 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 50,000 or more in each of these two years.
