It has been said in the circular that if you have not filed ITR for the financial year 2020-21, then your name will be added to the list of non-tax filers. Not only this, but in this financial year starting from April, you will also have to pay more TDS.
It is necessary to file Income Tax Return i.e. ITR Filing. Apart from taking home loan or personal loan, it also makes many things easy. It is generally advised to people that even though your earnings are not in the taxable net, you should still file ITR. Even after this, many people ignore filling ITR. Now doing this is going to be even more difficult. Now more TDS will be deducted from people who have not filed ITR.
CBDT issued new circular
The Central Board of Direct Taxes (CBDT) has given this information in a recent circular. It has been said in the circular that if you have not filed ITR for the financial year 2020-21, then your name will be added to the list of non-tax filers. Not only this, but in this financial year starting from April, you will also have to pay more TDS. It has been clarified in the circular that who will be included in the list of non-filers, Not only this, but in this financial year starting from April, you will also have to pay more TDS. It has been made clear in the circular that who will be included in the list of non-filers, who will be charged more tax. Apart from these, some guidelines have also been simplified in the circular.
More TDS will be deducted in these cases
According to the latest circular of CBDT, if the ITR has not been filed for the previous financial year or more than Rs 50,000 TDS has been deducted from an individual in that year, then in both these cases now more TDS will be deducted. Banks will have to check whether a person fulfills any one of these two conditions. If either of the two conditions is found, then banks will deduct more TDS.
You can still fill ITR
It was also told in the circular that no new name has been added to the list in the financial year 2022-23 (FY23) so that the pressure on tax deductors and collectors does not increase. If a person files ITR for assessment year 2021-22 (AY22) in the next financial year, his name will be removed from the list. The day the person concerned will file the return of valid income, his name will be removed from the list.
