Tayal Mittal & Co., The Chartered Accountants -CA Firm

From 1 July, new rules for tax deduction at source (TDS) under Section 206AB have come in effect. Under this new section of the Income Tax Act, non-filers of income tax return (ITR) will be subject to higher TDS rates in case TDS in the previous two years was ₹50,000 or more.
So, if you did not file ITR for the past two years, your bank may deduct TDS at double the applicable rate now. For example, if a person has earned an interest income of ₹5 lakh in both the preceding years on fixed deposits with banks and TDS of ₹50,000 has been made in each year. If he/she has not filed return in each of the two years, tax will now be deducted at double the rate, that is, 20%.

Section 194Q: TDS on purchase of goods – Applicable from 1st July 2021

Applicability: Any person, being a buyer who is responsible for paying any sum to any seller (being a resident) for purchase of any goods (including capital goods), where the value or aggregate of such values, exceeds ₹50 lakhs in any P.Y., shall deduct TDS.
The rate of TDS is 0.1%

Good morning friends, last two months April and May were not at all good for the whole country, all of us suffered too much and many amongst us have lost our near and dear ones. Myself also had a very bad experience of Covid, I was in hospital for almost 8 days, but now with all your blessings and prayers, I recovered fully and back to work.
Now all the states have started unlocking the business establishments etc.
I have also started my work from today,
looking forward for any Income Tax, GST , ROC related and any other Financial matter assignments.
Once again thanks to all for all the blessings and prayers…

 आप सभी को हिन्दू नव वर्ष की हार्दिक शुभकामनाएँ

Started CA practice