Income Tax Return: Finance Minister Nirmala Sitharaman (Finance Minister Nirmala Sitharaman) has proposed to make a provision for this in the General Budget last February 1.
Income Tax Return: If you are negligent in filing Income Tax Return (ITR), then be careful. Next time if you are negligent in this, then you have to be ready to pay the huge tax deducted at Source. Finance Minister Nirmala Sitharaman has proposed to make this provision in the general budget that came on February 1. Avoiding filing ITR when it is implemented is going to be very expensive.
Proposal for higher rates
To bring more people into the income tax return bracket, Finance Minister Nirmala Sitharaman has proposed a 2021 Budget reduction in tax on Source (TDS) or higher rates of Tax on Source (TCS). Those people who have PAN card have been included in this proposal but they do not file their returns. A new section, Sections 206AB and 206CCA, has been proposed in the budget to cut high rates of TDS and TCS respectively.
TDS deducted for not giving PAN details if PAN details are not given
At present, there is a provision to deduct more TDS or TCS if no one has given their PAN details. Under section 206AA and 206CC of income tax, the higher TDS or TCS rate applies to those who have not given their PAN details. For example, if someone has not provided his PAN number to the bank, then 20 percent TDS is deducted on the amount of interest received, whereas in reality only 10 percent should be deducted.
A large number of people are not filing ITR files
In the new proposal made in the budget, it has been ensured that more and more people file their income tax returns and there will be a decrease in the number of PAN card holders who do not file their returns. Salary income will not be in the purview of this new proposal. The Indian government issued more PAN numbers but a large number of people have not filed their income tax returns.