Are you a non-filer? TDS/TCS on non-filers at higher rates

Yes, that is a question that will resonate in the ears of taxpayers post July 2021, as tax deductors shall be theoretically resorted to a gatekeeper of income-tax return filing compliances. The Union Budget 2021 proposes to levy a higher rate of tax deducted at source (‘TDS’) and tax collected at source (‘TCS’) on non-filers of income-tax return. The prima facie, intent of our government is to augment the discipline of filing of income-tax return amongst the taxpayers. Accordingly, if you are noYes, that is a question that will resonate in the ears of taxpayers post July 2021, as tax deductors shall be theoretically resorted to a gatekeeper of income-tax return filing compliances. The Union Budget 2021 proposes to levy a higher rate of tax deducted at source (‘TDS’) and tax collected at source (‘TCS’) on non-filers of income-tax return. The prima facie, intent of our government is to augment the discipline of filing of income-tax return amongst the taxpayers. Accordingly, if you are notaxmann.com Latest ArticlesRead More

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