Stricter Tax Rules To Follow

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Stricter Tax Rules To Follow
Stricter Tax Rules To Follow
Illustrations by Saahil
Meghna Maiti - 05 February 2022
While the Union Budget had nothing for the common man in terms of reduction in income tax slabs or expansion of deduction limits, it tightened the noose around defaulters. “Overall, the Budget didn’t have much for the salaried taxpayers, who have been hoping for tax relief post- Covid. The changes in the Budget are directed towards improving compliance and removing tax evasion via measures related to TDS (tax deducted at source),” says Archit Gupta, founder and CEO, Cleartax.in, a tax portal.   TDS is a specified amount that is reduced when a certain payment like salary, rent, interest, commission or professional fee, is made. The person who makes the payment deducts tax at the source. This lowers tax evasion as some tax is already collected at the time of payment. Higher TDS On Late Tax Return Last year’s Budget doubled the TDS rate for those who had not filed their income tax returns (ITR) in the previous two years. The current Budget has gone a step ahead: now those who haven’t filed their ITR in the past one year will need to pay higher...
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