Income tax department tightens rules
Very important news for the taxpayers of the country. The Income Tax Department has tightened the rules for not filing ITR. Now taxpayers have only 10 days left to file their tax returns. If you are not able to file your tax return by this time, you will have to pay double. That is, you have only 30 time to file income tax return.
Let us tell you that the last date for filing ITR for the financial year 2020-21 has been extended from July 31 to September 30. According to the new rules, those who have not filed ITR will also have to pay higher tax collection at source. According to the new rules, from July 1, 2021, the rate of penal TDS and TCS has been increased from 5 to 10 percent to 10-20 percent. As per the new TDS rules, TDS can be levied under Section 206AB of the Income Tax Act 1961 at twice the rate prevailing in the provision under the Tax Act or 5 per cent whichever is higher.
In such a situation, according to the new rule, if you want to avoid double TDS, then you will have to file a return on whatever income you have, whether it is taxable or not. Thus if a person has turned 18 in the previous year or this year and does not have taxable income before that. However, their income tax return can be filed. It is noteworthy that according to the Income Tax Act, all individuals can file income tax returns whether they are adults or not.
Please note that this section of income tax does not apply to salaried employees. Also it does not apply to non-resident persons. However, the government has given relief to the weak and middle class. Also, this provision does not apply to taxpayers who have not deducted more than 50,000 TDS or TCS in the last 2 years.