Widening the tax base and encouraging tax filing has always been the prime focus of government. Finance Act, 2021 has enacted certain provisions which will be very effective in achieving this target of government. Finance Act, 2021 has enacted the provisions for higher rate of TDS and TCS for non filers of Income Tax return. …
In Finance Act 2021, various amendments have been enacted in TDS provisions. The most significant amendment is made by inserting a new Section which mandate to deduct TDS on purchase of goods. It will be a huge compliance for deductor to comply with above section. TDS on purchase of goods will be burdensome and cumbersome. …
Section 206C of the Income Tax Act provides for the collection of tax at source on some specified goods like alcohol, alcoholic liquor, forest produce, scrap, motor vehicle etc. In order to widen and deepen the tax net in Finance Act, 2020 a new sub section (1H) was inserted in section 206C Income tax Act. …