ITR filing: How banks, mutual funds and companies will check

ITR filing: How banks, mutual funds and companies will check if you have filed ITR


Synopsis
Deductors of TDS/TCS like banks, mutual fund houses etc can now check if you have filed ITR when your income crosses the TDS limit from July 1, and levy two times the TDS amount if you haven't filed your tax return.
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The tax department has prepared a list with names of taxpayers who have not filed their ITRs for the previous two fiscals, which can be used by deductors.
Effective from July 1, 2021, a person who has not filed ITR for the previous two financial years and the aggregate TDS and TCS deducted from payments made to him/her in each of these financial years exceeds Rs 50,000, then such person would be subjected to higher TDS rate.

Related Keywords

Naveen Wadhwa , , Income Tax Act , Accountant Naveen Wadhwa , நவீன் வாத்வா , வருமானம் வரி நாடகம் , கணக்கர் நவீன் வாத்வா ,

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