Money Matters

Income Tax E-Filing New Portal to be Launched From 7th June, Existing Portal won’t be available from 1st to 6th June

Finance Bill 2021 Proposed to insert section 206AB under Income tax act. Where TAX is required to be deducted under the provisions of Chapter XVIIB other than 192, 192A, 194LBC, 194BB, 194B or 194N.
Means it will be applicable for those who (u/s 139(1)) has not filed the income tax return past two years, also if aggregate of TDS and TCS is 50k or more in each of these two previous years.

Tax to be deducted at the higher rate either at twice rate, specified in the relevant provisions of act or at rate of 5 Per cent (whichever is higher).

Similar section 206CCA, also proposed to be inserted for TCS.
To check/identify the Deductee’s return status, Deductor may have to collect acknowledgement of tax return or declaration from him.

So, get ready for higher rate of TDS and TCS deduction if not filing the income tax return regularly.

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