Income tax alert Now pay more if you miss ITR filing for one year

0

In key direct tax proposals in Union Budget 2022, the government has proposed to make provisions related to deduction or collection at higher rates for non-filers more stringent.

Income Tax Return (ITR)

Income Tax Return (ITR).

Non-Income Tax return (ITR) filers will have to pay higher Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) if they don’t file ITR for one year.

In key direct tax proposals in Union Budget 2022, the government has proposed to make provisions related to deduction or collection at higher rates for non-filers more stringent.

STRINGENT MEASURE NON ITR FILERS

As part of measures to widen and deepen the tax base, the government has proposed to make provisions relating to deduction or collection at higher rates for non-filers more stringent by reducing the time period for which no return has been filed from two years to one year.

Currently, if an individual did not file ITR for two years, and the TDS and TCS in each of those assessment years amount to more than Rs 50,000, then that individual is liable to pay higher rates of TDS and TCS.

Now that tenure has been reduced from two years to one year.

Earlier, speaking at a post-Budget event, Revenue Secretary Tarun Bajaj said there have been some “very stark violations” of both direct and indirect tax laws by industry, and nudged industry chambers to be more proactive to see that such instances are minimised.

Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra has said that direct tax collections are expected to breach the revised target of Rs 12.50 lakh crore and set an all-time high and “historic” record by the end of this financial year in March.

ALSO READ | ITR column for Cryptocurrency Income: All you need to know

Click here for IndiaToday.in’s complete coverage of the coronavirus pandemic.

Share.

Comments are closed.