Studycafe | Feb 5, 2021 |
Double TDS applicable if you have not filed ITR on time
Budget 2021 has introduced a Higher rate of TDS for Non-Filer of Income Tax Return.
Section Proposed:
Proposed section 206AB of the Act would apply on any sum or income or amount paid, or payable or credited, by a person (herein referred to as deductee) to a specified person. This section shall not apply where the tax is required to be deducted under sections 192, 192A, 194B, 194BB, 194LBC or 194N of the Act.
The proposed TDS rate in this section is higher of the followings rates:
If the provision of section 206AA of the Act is applicable to a specified person, in addition to the provision of this section, the tax shall be deducted at higher of the two rates provided in this section and in section 206AA of the Act.
Proposed section 206CCA of the Act would apply on any sum or amount received by a person (herein referred to as collectee) from a specified person.
The proposed TCS rate in this section is higher of the following rates:-
If the provision of section 206CC of the Act is applicable to a specified person, in addition to the provision of this section, the tax shall be collected at higher of the two rates provided in this section and in section 206CC of the Act.
When Provisions of this section will be applicable?
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