Section 206CCA

Higher TDS/TCS if Deductee Didn’t File his ITR effective from 1st July 2021

Income Tax - Effective from July 1, 2021, higher TDS/TCS rates apply if the deductee hasnt filed their ITR. Check for compliance and use the CBDT's reporting portal for verification....

Impact of Amendment by Finance Act, 2023 on Non-Resident/Not Ordinarily Resident

Income Tax - Explore the impact of the Finance Act, 2023 on non-resident and not ordinarily resident individuals in India. Changes in tax deductions, deemed income, presumptive taxation, TDS rates, and more explained....

TDS & TCS Recent Reforms and Provisions

Income Tax - Learn about TDS provisions in the Income Tax Act, including Section 194N, 1940, 194P, 194Q, 194R, 194S, 206C(1G), 206AB, and 206CCA. Stay compliant and avoid penalties....

Higher rate of TDS/TCS for non-filers of income-tax returns

Income Tax - Relief for non-filers of income-tax returns from higher TDS/TCS rate - Budget 2023 Section 206AB & 206CCA provide special provision for higher TDS/TCS rate for non-filers....

Rationalization of provisions of section 206AB & 206CCA

Income Tax - Rationalization of provisions of section 206AB and 206CCA to widen and deepen tax-base In order to widen and deepen the tax-base and to nudge taxpayers to furnish their return of income, Finance Act, 2021 inserted sections 206AB and 206CCA in the Act. The said sections provide for special provision for deduction and collection of tax [&he...

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Circular on use of functionality under section 206AB & 206CCA

Circular No. 10 of 2022 - (17/05/2022) - The provision of higher TDS under section 206AB is not applicable on tax to be deducted under sections 194-1A, 194-IB and 194M. This is in addition to already existing provision of its non-applicabilily on tax to be deducted under sections 192, 192A, 194B, 194BB, 194LBC and 194N....

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....

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...

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...

Recent Posts in "Section 206CCA"

Higher TDS/TCS if Deductee Didn’t File his ITR effective from 1st July 2021

Effective from July 1, 2021, higher TDS/TCS rates apply if the deductee hasnt filed their ITR. Check for compliance and use the CBDT's reporting portal for verification....

Posted Under: Income Tax |

Impact of Amendment by Finance Act, 2023 on Non-Resident/Not Ordinarily Resident

Explore the impact of the Finance Act, 2023 on non-resident and not ordinarily resident individuals in India. Changes in tax deductions, deemed income, presumptive taxation, TDS rates, and more explained....

Posted Under: Income Tax |

TDS & TCS Recent Reforms and Provisions

Learn about TDS provisions in the Income Tax Act, including Section 194N, 1940, 194P, 194Q, 194R, 194S, 206C(1G), 206AB, and 206CCA. Stay compliant and avoid penalties....

Posted Under: Income Tax |

Higher rate of TDS/TCS for non-filers of income-tax returns

Relief for non-filers of income-tax returns from higher TDS/TCS rate - Budget 2023 Section 206AB & 206CCA provide special provision for higher TDS/TCS rate for non-filers....

Posted Under: Income Tax |

Circular on use of functionality under section 206AB & 206CCA

Circular No. 10 of 2022 17/05/2022

The provision of higher TDS under section 206AB is not applicable on tax to be deducted under sections 194-1A, 194-IB and 194M. This is in addition to already existing provision of its non-applicabilily on tax to be deducted under sections 192, 192A, 194B, 194BB, 194LBC and 194N....

Rationalization of provisions of section 206AB & 206CCA

Rationalization of provisions of section 206AB and 206CCA to widen and deepen tax-base In order to widen and deepen the tax-base and to nudge taxpayers to furnish their return of income, Finance Act, 2021 inserted sections 206AB and 206CCA in the Act. The said sections provide for special provision for deduction and collection of tax [&he...

Posted Under: Income Tax |

Applicability of Section 206AB & 206CCA Provision w.e.f. 01st July 2021

Finance Act, 2021 comes into force with Presidential assent on 28.03.2021 Two new sections have been introduced with effect from 01-Jul-2021 for non-filer of Income Tax Return. As per these sections (206AB & 206CCA), the rate of TDS/TCS shall be at the double of the normal rate or double the rate in force or at […]...

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 […]...

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 […]...

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 […]...

Posted Under: Income Tax |

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