Section 206CCA

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

Income Tax - 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 […]...

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

Income Tax - 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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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....

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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 206CCA"

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....

Read More

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...

Read More
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 […]...

Read More
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 […]...

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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 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 |

Guide on Section 206C(1H), 206CC, 206CCA, 194Q, 206AA & 206AB

Complete Guide on Section 206C(1H), Section 194Q including TDS/TCS rate in case non Pan/ Non- filer? An analysis of Section 206C(1H), Section 206CC, Section 206CCA, Section 194Q, Section 206AA and Section 206AB. All about TCS on Goods Various discussions are going on about the applicable rate of TCS and TDS on various forums in case [&hel...

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Posted Under: Income Tax |

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