Increase in TDS/TCS Compliance for non audited assesses

• September 17, 2020
• CA Chandan Agarwal's Office

Increasing Compliance on Non Audited Individuals / HUFs With Respect To Deduction of TDS/Collection of TCS

Do you know that high value payments or receipts made by non-audited individuals or HUFs have now come under the compliance net of direct taxes through TDS or TCS applicability? 

In case of individuals or HUFs, whose books of accounts for the previous financial year had not been subjected to audit under Income Tax Act, 1961 (‘Act’), there has been an increasing trend in the requirement to deduct tax or collect tax while indulging in high value transactions. These steps are a part of Government’s effort to widen and deepen the direct tax base and increase the financial accountability of such individuals and HUFs.

Read more on: https://taxguru.in/income-tax/increase-tds-tcs-compliance-audited-assesses.html