Higher withholding for non-filers: TDS and TCS to be levied at enhanced prescribed rates on specified non filers. A special withholding regime imposes enhanced TDS and TCS rates on a "specified person" who failed to file returns for the two relevant prior assessment ... Summary
Higher withholding for non-filers: TDS and TCS to be levied at enhanced prescribed rates on specified non filers.
A special withholding regime imposes enhanced TDS and TCS rates on a "specified person" who failed to file returns for the two relevant prior assessment years after the filing deadline and whose aggregate TDS/TCS in each year meets a threshold; the TDS rate is the highest of twice the statutory rate, twice the rate in force, or a fixed base rate, and the TCS rate is the higher of twice the statutory rate or the fixed base rate. PAN based higher rates interact so that the greater rate applies; non residents without a permanent establishment are excluded.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
