"The finance minister has proposed higher TDS (tax deducted at source) or TCS (tax collected at source) rates in budget 2021 in order to make more people file income tax returns (ITR). New Sections 206AB and 206CCA had been proposed in the budget as a special provision for the deduction of higher rates of TDS and TCS, respectively for the non-filers of an income tax return"
Please post some details on this new rule for TDS.
and
- To whom, it is applicable (even applicable to people earning below 10000 per month)
- for Bank FDs and on small savings ( say even on 9/10K interest per year from these instruments)
- applicable to housewives (with no other income or income below 1 lakhs/ year) senior and super senior ladies etc
Please post some details on this new rule for TDS.
and
- To whom, it is applicable (even applicable to people earning below 10000 per month)
- for Bank FDs and on small savings ( say even on 9/10K interest per year from these instruments)
- applicable to housewives (with no other income or income below 1 lakhs/ year) senior and super senior ladies etc
https://www.taxmann.com/budget-2021-22/budget-story/171/complex-theorems-of-tds-and-tcs
The above may help. The second article specifically gives example of super senior citizen who is not required to file his IT return as his income is below Rs 5 Lakhs.
The section provides that the "specified person" means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing return of income under section 139(1) has expired; and the aggregate of tax deducted at source and tax collected at source in his case is Rs. 50,000 or more in each of these two previous years. However, the specified person shall not include a non-resident who does not have a permanent establishment in India. ----If the tax collected in both these previous years is less than Rs 50,000 then the person does not come under "specified person ?? and hence these sections are not applicable to such persons........This is how I interpret.
Smart_trade
Last edited: