TCS even more if ITR is not filed
Now, according to the new rules, people who have not filed income tax returns, will also be taxed more at collection (source). For this, the government has added section 206CCA to the Income Tax Act.
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Failure to file ITR may lead to double TDS. As per the provision, if a person in whose case TDS / TCS of Rs. 50 thousand or more has been made for the last two years and who has not filed income tax return, the rate of TDS / TCS will be double the specified rate or 5 percent, whichever is higher.
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However, this provision will not apply where the tax needs to be deducted under the salary income, lottery etc., the amount won in horse racing.
At the same time, the government is going to reduce the pressure on the elderly over 75 years. Those older than 75 years, whose source of income is only pension and interest, they will no longer have to file income tax returns.
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