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TDS rate News

06 Jul 2021

Filed Income Tax Return? TDS rules to change from THIS month

The new TDS rate will be either twice the rate mentioned under the relevant section or provision or five percent, whichever is higher, the Central Board of Direct Taxes (CBDT) said. The tax department will also let the deductors download the result in PDF format. This particular list includes the names of taxpayers who did not file returns of income for both assessment years 2019-20 and 2020-21 and have an aggregate TDS of Rs 50,000 or more in each of these two previous years.

Income tax rate

25 Jun 2021

Who will have to pay higher TDS from July 1? Tax dept has these conditions

From July 1 onwards, a person will be required to pay extra TDS at a higher rate if he/she fails to file their Income Tax Returns for the last two years. Meanwhile, for TCS collection, the rate under section 206 CCA of the Act will be higher and it will be double the rate mentioned in the relevant section; or 5 percent. The tax collector or tax deductor has to check the eligibility of the person to pay TDS at a higher rate from July.

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