Thursday, December 1, 2022

Income Tax Return: Last chance for taxpayers today! Do this work immediately, otherwise, TDS will be deducted twice from July 1

Income Tax Return: If you have not filed Income Tax returns in previous years, then today is your last day. After this, from July 1, you will be charged a higher TDS, which is twice more than the regular one. Therefore it is better to file your income tax return today and now

Last chance for taxpayers today

Although the deadline for filing TDS returns has been extended by the Income Tax Department to July 15, 2021, but for those people who have not filed their TDS for two consecutive years and the TDS amount is Rs 50,000 or more, then today is the last chance for them. is. For those who have not filed ITR from July 1, the rates of TDS, TCS will be 10 to 20 percent. Which was 5 to 10 percent earlier.

check on the income tax portal

On June 21, the Income Tax Department has started a new facility for those deducting TDS on its portal, in which you will be able to check whether you have filed your IT return or not. However, individuals can file tax returns for income earned in the financial year 2020-21 till September 30 instead of July 31. Till now high TDS was charged only for those who did not have PAN. But now more TDS will be charged from those who have not filed tax returns.

Read More: July Bank Holidays: Check this list before heading to the bank; 15 days in July will be closed

For which two years more TDS will be deducted

The government has recently added a new section 206AB, which will be applicable when the last year for filing tax returns under section 139(1) expires. Therefore, it is necessary for you to file income tax returns for the last two years. The government has prepared a list of those who have not filed income tax returns for the financial years 2018-19 and 2019-20. According to tax experts, ‘The Income Tax Department has also made it clear that the list will be updated only once at the beginning of the financial year, so people do not need to check compliance again and again.’ of Chartered Club of India. According to Karan Batra, ‘The deadline for filing income tax returns for the financial year 2020-21 has been extended to 30 September, so the returns of this financial year will not be counted for higher TDS.’ 

Which payments will be affected

TDS is deducted in various ways, such as dividends, interest on fixed deposits, service payments, property rent, or sale of the property. If you have not filed tax returns for the last two years, then you may have to pay double TDS. In the new system of income tax returns, now TDS deductor can get all your information only by entering the PAN number.

Will TDS affect my salary?

The answer is no, your salary, provident fund payment, and some other income are excluded from this rule. Karan Batra explains that the new rule does not apply to TDS of salary payment and Provident Fund withdrawal. The new rule will also not apply to lotteries and horse races. If TDS is deducted on cash withdrawal within the prescribed limit, then the rule of double TDS will not be applicable irrespective of whether you have filed the return or not.

Will fixed deposit interest be affected?

According to tax expert Batra, ‘If your TDS amount is more than Rs 50,000, then double TDS will be deducted, if you have not filed the return.



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