Income Tax : CBDT excludes RBI from the definition of specified person under Sections 206AB & 206CCA of the Income Tax Act, 1961. Learn the imp...
Income Tax : Explore TDS rates for Specified Persons and those with Inoperative PAN under sections 139AA, 206AA, and 206AB. Learn implications,...
Income Tax : Explore Section 206AB of Income Tax Act, imposing higher TDS rates for specified persons not filing ITR. Learn conditions, rates, ...
Income Tax : Explore how Section 206AA and Section 206AB impact TDS rates. Learn when higher rates apply, exemptions for non-residents, and get...
Income Tax : Explore the impact of the Finance Act, 2023 on non-resident and not ordinarily resident individuals in India. Changes in tax deduc...
Income Tax : Understand tax deduction rules for dividends as per Income-tax Act, 1961 amendments. Detailed guide on TDS rates, exemptions, and ...
Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : DGIT(S)/ADG(S)-2/Compliance Check/432/2021-22 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of...
Income Tax : The provision of higher TDS under section 206AB is not applicable on tax to be deducted under sections 194-1A, 194-IB and 194M. Th...
Income Tax : Income Tax Department has released a new functionality Compliance Check for Section 206AB & 206CCA to facilitate tax deductors/col...
Income Tax : t may be noted that as per the provisos of sections 206AB & 206CCA of the Act, the specified persons shall not include a non-resid...
Understanding the new Section 206AB & Section 206CCA of the Income Tax Act, 1961. Discover the implications and higher rates of TDS and TCS for non-filing and non-furnishing of PAN.
This write uptakes note of changes proposed with regard to some of the TDS /TCS provisions applicable from 1st July, 2021. In the Union Budget 2021 there has been made a proposal to charge higher TDS and TCS on non-filers of income tax return (ITR). This is done to put off the practice of not filing […]
The Finance bill 2021, propose to inserts two new section i.e. Sec. 206AB and Sec. 206CCA to enable for deduction and collection of TDS and TCS at higher rates for those who have not filed their income tax returns. Brief about these sections is as below- Applicability of the Section 206AB: This section is applicable […]
Section 206AB and Section 206CCA – Special provision for deduction of tax at source (TDS) and collection of tax at source (TCS) for non-filers of income Tax Return at Higher Rates The new section 206AB and 206CCA are proposed to be inserted in the Income Tax Act, 1961 (“Act”) by the Finance Bill, 2021. The […]
Last year the Budget 2020 came with an additional compliance on part of the sellers to collect TCS u/s 206C(1H) as was announced by the Hon. Finance Minister . Now with the rolling out of this Budget, the impetus has been shifted upon the buyer. However, with the introduction of this New Section194Q, following questions […]
New section 206AB of the Income Tax Act is a special provision providing for higher rate for TDS for the non-filers of income-tax return. Similarly it is proposed to insert a section 206CCA in the Act as a special provision for providing for higher rate of TCS for non-filers of income-tax return.
