According to the new rules of ITR, if you do not file your return by June 30, then you will have to pay double TDS from July 1.
Income Tax Return: If for some reason you have not been able to file Income Tax Return yet, then fill it soon. According to the new rules of ITR, if you do not file your return by June 30, then you will have to pay double TDS from July 1. Due to this, the Income Tax Department is giving a second chance to those who do not file ITR with a lot of strictness. The last date for filing Income Tax Return (ITR) for the financial year 2020-2021 has been extended from July 31 to September 30. Along with this, a new portal of Income Tax has also started.
If you don’t file ITR, you will get double TDS.
According to the Finance Act 2021, taxpayers who have not filed income tax returns for the last 2 years and TDS (Tax Deduction at source) or TCS (Tax collection at source) in both the previous years was more than Rs 50,000, then in such cases now This year, from July 1, 2021, his TDS will be deducted at twice the existing effective rate or 5 per cent, whichever is higher. According to the new TDS rules, these provisions have been implemented under section 206AB of the Income Tax Act 1961. .
The new rule will not apply to them
This rule of section 206AB of income tax Salary under section 192, payment of dues of employees under 192A, lottery under 194B, amount won in crossword, amount won in horse race, investment in securitization trust under 194LBC Income earned from and will not be applicable on cash withdrawal.
Note, under section 206AB, this will also not be applicable to a non-resident taxpayer who does not have a permanent establishment in India. If both sections 206AA (higher TDS rate in case of non-PAN) and 206AB are applicable, then the TDS rate will be higher than the rates mentioned above. At the same time, more TCS will be applicable under section 206CC and 206CCA.
