Missed ITR filing for FY 2020-21? You may be liable for higher TDS in current FY 2022-23

The Union Budget 2022 has amended the existing laws after which missing ITR for one year can lead to higher TDS/TCS in future financial years. The amended law is effective from April 1, 2022. The CBDT issued a circular on May 17, 2022, clarifying on whom higher TDS/TCS will be applicable in the current financial year (FY 2022-23). Read on to know if higher TDS/TCS will be applicable to you.

from Tax-Wealth-Economic Times https://ift.tt/kuUWi24