If you have not filed the Income Tax Return (ITR) for the year 2020-21 or FY21, you may be in big trouble. The Income-tax Department (I-T Deptt) has decided to prepare a list of such people and levy double TDS/TCS on them. According to a report by Business Standard, the Central Board of Direct Taxes (CBDT) issues a circular related to Sections 206AB and 206CCA of the Income Tax Act.
What are the new changes?
- According to BS, if the person has missed the deadline for filing the ITR, they will be charged double the TDS/TCS specified under the relevant slabs.
- Also, it will be 5 per cent if the TDS calculation comes out to be less than that. So, double or 5 per cent, whichever is higher.
- Earlier, the penalty was imposed on the people who had not filed the ITR for the previous two years, now it has been changed to one year.