Recent changes made to the Income Tax Act which provides relief for those individual persons or entities, who are not obligated to file an ITR.
Reetu | May 28, 2024 |
Tax Relief for Non-Filers: Income Tax Department exempted Non-filers from Higher TDS and TCS
The Income Tax Department has announced good news for certain non-filers of Income Tax Returns. Recent changes made to the Income Tax Act which provides relief for those individual persons or entities, who are not obligated to file an ITR.
Previously, Sections 206AB and 206CCA required larger tax deductions at source (TDS) and tax collections at source (TCS) for people who did not file ITRs. However, the Finance Act of 2023 changed these sections in order to exempt certain non-filers.
Individuals who do not need to file an ITR for the relevant assessment year and are notified by the Central Government are free from the higher TDS and TCS provisions.
CBDT in its recent notification has excluded the Reserve Bank of India from the application of Sections 206AB and 206CCA. This means the Reserve Bank will not face higher TDS or TCS even if it hasn’t filed an ITR.
For Official Notification Download PDF Given Below:
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