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TDS/TCS New Rules Applicable to Non-filers of Income Tax Returns

 The Finance Act 2021 has acquainted another arrangement relating to keeping charge (Section 206AB) which accommodates a higher portion charge rate on the off chance that the merchant to whom the installment is to be made has not documented his government form for the past two monetary years.


This new arrangement is pertinent from 1 July 2021 and will apply to any receipt on or after 1 July 2021. A comparable Section 206CCA is additionally embedded for TCS. The essence of the new arrangement is as under

Keeping charge on specific installments to determine people to be higher of the accompanying:

  1. Twice the rate determined; or
  2. Twice the rates in power; or
  3. Five percent

A predefined individual is somebody (barring non-occupants who don't have a Permanent Establishment in India) who has not recorded an annual government form for the two going before years and the total of keeping the charge for his situation is INR at least 50,000 in every year.

Certain Payments have been characterized to mean all installments which are exposed to keeping charge aside from where the portion charge is pertinent in the accompanying cases.

  • Pay
  • Untimely withdrawal of EPF
  • Rewards from any lottery or games or crossword puzzles
  • Pay regarding interest in securitization trust
  • Rewards from any horse races

TDS on cash withdrawals

We prescribe that notwithstanding the typical PAN numbers, you request annual expense documenting subtleties as affirmation numbers for the beyond two years prior to making the installments.

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Comments

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