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...
Section 206AB, Section 206CCA and Section 139AA of Income Tax Act and compliance thereof In the already Compliance burdened Assessee, Government of India has introduced new section 206AB/206CCA and implemented Section 139 AA under Income-tax Act, 1961, (‘the Act’) w.e.f July 1, 2021. Under this section, TDS/TCS will be deducted/collected at higher rate to the […]
Section 194Q: TDS on purchase of goods: -Applicable to the Buyer whose Turnover/Gross Receipts in the preceeding Financial year exceeds 10Cr. and aggregate amount of purchases from such particular buyer exceeds Rs.50L. -TDS is required to be deducted @1% on the amount exceeding Rs.50L (The threshold limit of Rs.50L is to be reckoned from the […]
It has always been the Government’s endeavour to widen the tax base and ensure that more and more people file their tax returns in time. A number of steps have been used in the past to achieve this goal. The Finance Act 2021, introduced a new provision Sec 206AB, through which the Government has tried […]
Understanding the new amendment under section 206AB of the Income Tax Act. Learn about the format and applicability of this provision for TDS deduction.
Higher TDS / TCS Rates for Non-Fillers – Section 206AB / 206CCA read with 206AA Before going into the details of the subject, let me first clarify that these provisions are applicable to ALL taxpayers who are required to deduct TDS or collect TCS. There is no threshold limit nor bifurcation of small taxpayers, large […]
भारत सरकार उन सारे लोगो को पकड़ना चाहती हैं जिनकी कमाई तो हैं पर जो ना टैक्स भरते हैं ना ही अपना इनकम टैक्स रिटर्न दाखिल करते हैं l सरकार टैक्स च्रोरो को पकड़ने के लिए नए नए उपाय सोचती रहती हैं, धारा 206AB भी उसमे से एक हैं l धारा 206AB के तहत ये बताया गया […]
TO WHOMSOEVER IT MAY CONCERN Reference : Communication on section 206AB of the Income Tax Act, 1961. Subject : Confirmation of Turnover, Pan and Income Tax Return Filing details for the purpose of determining rate of Tax Deduction at Source/Tax Collection at Source Dear Sir/M’adam, We, ‘XYZ Private Limited’ do hereby confirm that we have […]
TDS/ TCS on Non- filers of ITRs at Higher Rates U/s 206AB and 206CCA of the Income Tax Act, 1961 (effective from 01.07.2021). Article contains Analysis of Section 206AB, Analysis of Section 206CCA, Sample format of Declaration To Be Obtained From Parties For Not Imposing Higher TDS/ TCS Rates As Per Section 206AB/ 206CCA of […]
Demystifying provisions of TDS u/s 194Q vis a vis TCS u/s 206C(1H); 206AB & 206CCA (Also refer CASE STUDY – TDS u/s 194Q vis-a-vis TCS u/s 206C(1H)- appended herewith) Various obligations has been prescribed in Income Tax Act and Rules for deduction of tax at sources (TDS) as well as collection of Tax at source […]
Higher rate of withholding tax for non-filers of income-tax returns – Section 206AB Section 206AA of the IT Act provides for higher rate of tax withholding for non-furnishing of PAN. In order to further increase the compliance of filing return of income by persons who have borne a reasonable amount of withholding taxes, the Finance […]
