The Finance Bill, 2021 received the assent of honourable President of India on 28 th March, 2021 upon which it came to be known as the ‘Finance Act, 2021’. Like every year, this year also numerous amendments have come up in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Since, we have already entered into a new financial year, i.e. FY 2021-22, let’s walk through some crucial changes that have taken place in Income-tax provisions that we have extracted from the whole set of amendments that are applicable for the current year. Here are some of the major Income-tax related changes applicable for FY 2021-22 - TDS/TCS to be deducted/collected at original (higher) rate on Non-Salary Payments The taxpayer needs to deduct TDS/collect TCS at original rates (i.e. without considering concession of 25% rate). High TDS/TCS rates for the Non-filers of Income-tax Return [Applicable from 1 st July 2021] In view of the newly inserted section 206A