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Budget 2022: Higher TDS Implications If Tax Filing Missed For Even 1 Yr.
The non-filers have been in for a trouble. In the present budget, if the individual does not files ITR for previous 2 years and the TDS and TCS in any of these years exceeds Rs. 50,000 then the person shall be liable for TDS/TCS at higher rates in the ongoing fiscal year.
What changes for non-income tax filers in Union Budget 2022?
Now the said provision shall apply in case the ITR has not been filed for the last year instead of 2 years. The provision of higher TDS/TCS has been applicable from July 1, 2021. The higher TDS provision is applicable to taxpayers with interest income, dividend, annuity pension or other as specified. The same though is not applicable in case of TDS on salary income, PF, lottery winnings etc.
The higher TDS/TCS rate applied will be the higher of anyone of the following:
a)twice the rate specified in the relevant provision of the Act; or
b) twice the rate or rates in force; or
c) the rate of five per cent
There has been also unveiled a utility for addressing or knowing the list of taxpayers who have not filed their ITRs for the past 2 years.
In Finance Act, 2021, 206AB and 206CCA has been introduced to deepen the taxpayers to file their return timely as else the provision specifies for deduction and collection of tax at source respectively, in case of specified persons at higher rate specified therein.
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