Section 206AB

TDS on purchase of goods under Section 194Q (Circular No. 13 of 2021)

Income Tax - TDS on purchase of goods under Section 194Q (Circular No. 13 of 2021) Article covers Section 194Q- TDS on Purchase of Goods. ( Clarifying Guideline ), Section 206C(1H) – TCS on sale of Goods, Section 206AB/206CCA – Higher TDS/TCS Rate For Non Filer of Income Tax Return and Section 194O – TDS on Payments Made […]...

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TDS / TCS- Compliance Functionality for Section 206AB & 206CCA for Non-filers using Online Utility  

Income Tax - A new tax rule relating to the TDS and TCS has come in to force from 01.07.2021 under which the the taxpayers who has not filed their Income Tax Returns for the past two Financial Years shall have to pay higher tax. It is important to note here that the Income Tax Department had introduced […]...

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Facilitating platform to comply with higher rates of TDS & TCS under 206AB & 206CCA of ITA

Income Tax - Facilitating platform to comply with higher rates of TDS & TCS under 206AB and 206CCA Finance Act 2021 introduced two new section 206AB and 206CCA of Income tax Act 1961 ’the Act’ with effect from 1 July 2021. The object being to increase the timely filing of income tax returns by resident assesses or non-resident […]...

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Direct Tax Updates for June 2021 with Video

Income Tax - Global Minimum Tax, Equlization Levy & Section 195, Section 9B & Section 45(4), New Judgements, Filing ITR & Tax Audit Report; Section 194Q & Section 206AB, New Registration of Trusts, Section 148 Notices & TDS/TCS Changes – vide Finance Act, 2021 Global Minimum Taxation 2 Pillar Approach – Pillar 1 Scope – 1. Mu...

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Section 194Q TDS & Higher TDS Rate under Section 206AB

Income Tax -  Section 194Q- Deduction of TDS on Purchase of Goods The government has introduced Section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. The intent of the government to bring this provision is to establish the trail of high value of transaction of sale and purchase of goods. There are various other provision which [&hell...

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Section 206AB & 206CCA Compliance Check Functionality procedure

Notification No. 01 of 2021-Income Tax- DGIT - (22/06/2021) - Income Tax Department has released a new functionality Compliance Check for Section 206AB & 206CCA to facilitate tax deductors/collectors to verify if a person is a Specified Person as per section 206AB & 206CCA....

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Compliance Check functionality for Sections 206AB & 206CCA

Circular No. 11/2021-Income Tax - (21/06/2021) - t may be noted that as per the provisos of sections 206AB & 206CCA of the Act, the specified persons shall not include a non-resident who does not have a permanent establishment in India. Tax deductors & collectors are expected to carry out necessary due diligence in respect of a specified person es...

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CBDT to launch Compliance Check Functionality for Section 206AB & 206CCA

F. No. 225/67/2021/ITA.II - (21/06/2021) - Issue of order u/s.138(1)(a)(i) of the Income Tax Act, 1961(‘Act’) for the purposes of launch of Compliance Check Functionality for Section 206AB & 206CCA – regarding ​Issue of order u/s.138(1)(a)(i) of the Income Tax Act, 1961 for the purposes of launch of Compliance Check Functiona...

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Recent Posts in "Section 206AB"

TDS on purchase of goods under Section 194Q (Circular No. 13 of 2021)

TDS on purchase of goods under Section 194Q (Circular No. 13 of 2021) Article covers Section 194Q- TDS on Purchase of Goods. ( Clarifying Guideline ), Section 206C(1H) – TCS on sale of Goods, Section 206AB/206CCA – Higher TDS/TCS Rate For Non Filer of Income Tax Return and Section 194O – TDS on Payments Made […]...

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Posted Under: Income Tax |

TDS / TCS- Compliance Functionality for Section 206AB & 206CCA for Non-filers using Online Utility  

A new tax rule relating to the TDS and TCS has come in to force from 01.07.2021 under which the the taxpayers who has not filed their Income Tax Returns for the past two Financial Years shall have to pay higher tax. It is important to note here that the Income Tax Department had introduced […]...

Read More
Posted Under: Income Tax |

Facilitating platform to comply with higher rates of TDS & TCS under 206AB & 206CCA of ITA

Facilitating platform to comply with higher rates of TDS & TCS under 206AB and 206CCA Finance Act 2021 introduced two new section 206AB and 206CCA of Income tax Act 1961 ’the Act’ with effect from 1 July 2021. The object being to increase the timely filing of income tax returns by resident assesses or non-resident […]...

Read More
Posted Under: Income Tax |

Direct Tax Updates for June 2021 with Video

Global Minimum Tax, Equlization Levy & Section 195, Section 9B & Section 45(4), New Judgements, Filing ITR & Tax Audit Report; Section 194Q & Section 206AB, New Registration of Trusts, Section 148 Notices & TDS/TCS Changes – vide Finance Act, 2021 Global Minimum Taxation 2 Pillar Approach – Pillar 1 Scope – 1. Mu...

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Posted Under: Income Tax |

PPT on Section 194Q and Section 206C(1H)

A new section 194Q (Deduction of tax at source on payment of certain sum for purchase of goods) is inserted by Finance Act – 2021 effective from 01/07/2021. This new section 194Q has given rise to the question “Whether TCS u/s 206C (1H) of Income Tax is to be collected on receipt of sales consideration […]...

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Posted Under: Income Tax |

Section 194Q TDS & Higher TDS Rate under Section 206AB

 Section 194Q- Deduction of TDS on Purchase of Goods The government has introduced Section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. The intent of the government to bring this provision is to establish the trail of high value of transaction of sale and purchase of goods. There are various other provision which [&hell...

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Posted Under: Income Tax |

Section 206AB & 206CCA Higher Rate of TDS/TCS in Case of Non-Filers of Return

Non- Applicability of the Section 206AB 1. If specified person is non-resident who does not have permanent establishment in India. 2. The section has overriding effect on all provisions of Chapter XVIIB of the Income Tax Act, 1961 except the below mentioned sections S. No. Section Particulars 1 192 TDS on Salary 2 192A TDS […]...

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Posted Under: Income Tax |

Higher Rates of TDS & TCS for Non-Filers of ITR

Section 206AB states that where, for any transaction, a TDS has to be deducted under any provision of the Income Tax Act, such TDS shall be deducted at a higher rate if the transaction is entered with a Specified Person. Similarly, for any transaction where a TCS has to be collected, such TCS shall be collected at a higher rate if the tra...

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Posted Under: Income Tax |

‘Specified Person’ Under Section 206AB & 206CCA

The Finance Act, 2021 has enacted special provisions namely Section 206AB and Section 206CCA, for deduction and collection of tax at source applicable to deductees who were non-filers of income tax returns, effective from 1st July 2021. While Section 206AB specifies the rate of deduction of tax applicable to a person who has been defined ...

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Posted Under: Income Tax |

Higher TDS for Income Tax Return Defaulters w.e.f. 01.07.2021

Higher TDS for Income Tax Return Defaulters w.e.f. 01.07.2021-Decoding section 206AB Have you filed ITR for the previous two years? If not, then this article can disappoint you. This is the hard truth that income tax department has introduced a new section 206AB effective from 01.07.2021 that ensures higher deduction of TDS of the payees ...

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Posted Under: Income Tax |

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