If you have filed Income Tax Return but have to pay double TDS, then this is useful news for you.
New Delhi. If you have filed Income Tax Return but have to pay double TDS then you do not need to panic. Actually, the Income Tax Department has issued a circular on June 21, 2021, in which it has been clarified that if a person files ITR for the financial year 2020-21, his name will be listed in the list. and High TDS / TCS will no longer be applicable to him.
Explain that if a taxpayer has not filed TDS in the last 2 years and the deduction of TDS in each year is more than Rs 50,000, then the Income Tax Department is charging more charges while filing ITR. This rule has been implemented from 1st July itself. According to the new rules, for those who have not filed ITR, the rates of TDS and TCS will be 10 to 20 percent from July 1, earlier it was 5 to 10 percent.
How to remove name from list?
Can a person remove his name from the list of specified persons on whom higher TDS is applicable? Yes, such a person can remove his/her name from the list and avoid higher TDS/TCS for the rest of the financial year. This can be done by filing ITR for the financial year 2020-21. According to the circular, “If any specified person files (file and verified) a valid return of income for the assessment year 2021-22, his name shall be removed from the list of specified persons. This will be done on the due date of filing. Return of income or valid return (file and verification) for the assessment year 2021-22 will be deleted after the actual filing date.
ITR Filing Last Date 30 September 2021 The last date
for filing ITR for the financial year 2020-21 is 30 September 2021. According to experts, if a person is excluded from the specified list after two financial years, only after filing and verification or termination of income tax return. Thus, once you have filed your ITR for the financial year 2020-21, get it verified. If you have filed and verified your ITR by that time then your name will be deleted after September 30, 2021.