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TDS Deduction: ITR Filing: Due to untimely filing of income tax return, your TDS is deducted more.

TDS Deduction: ITR Filing: Due to untimely filing of income tax return, your TDS is deducted more.
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TDS Deduction: ITR Filing: Due to untimely filing of income tax return, your TDS is deducted more.

TDS Deduction: ITR Filing: Due to untimely filing of income tax return, your TDS is deducted more.

ITR late filing or revised income tax returns can now be filed till 31st January 2022.

The TDS deduction will increase

TDS-

ITR News: The Government of India has made it a rule that if a person has not filed an income tax return for 2018-19 and 19-20 years and his TDS and TCS deductions exceed ₹ 50,000 in any one financial year, he will have to do so. Lose more amount as deduction of TDS / TCS. To this end, the Central Government has added two new sections 206AB and 206CCA in the Income Tax Act, 1961.

How much tax was deducted earlier

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Section 206AA of the Income-tax Act 1961 is already in force but 206AB and 206CCA have been in force since July 1, 2021. Under Section 206AA, if you are eligible for TDS deduction, but you do not have a PAN card, your company can deduct 20 per cent TDS. For those who have not paid ITR for the last two financial years, the TDS / TCS rate will now be 10 to 20 per cent instead of 5 to 10 per cent from July 1.

How to save taxes

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If your name is among those who have to pay higher rates of TDS, you can opt out of this list. You can avoid the remaining TDS / TCS for the current financial year. This can be done by filing ITR for the financial year 2020-21. According to the Income Tax Department circular, “If a person files a valid IT return (file and verified) of income for the assessment year 2021-22, his name will be removed from the list of specified persons.”

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Who cuts more taxes

-Tax

According to the Income-tax department, the name will be removed from the list only after the ITR deadline. Your name will be removed from the additional TDS / TCS list, after the actual income filing date or valid return for the assessment year 2021-22 (file and verification). TDS is deducted at a higher rate for those who have not filed ITR on time, or those who have not filed income tax returns.

What does the rule say?

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If an individual or organization does not file an ITR for the last two assessment years, its TDS will be deducted at an incremental rate. This income tax rule also applies to people whose ITR deadline has expired. If the total amount of TDS and TCS exceeds Rs. 50,000 in any one assessment year, TDS will have to be paid at a higher rate. The higher rate of TDS will be deducted only if the taxpayer fulfills both the conditions mentioned above.

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