Income Tax : This guide explains the applicability of TDS under Section 194Q and TCS under Section 206C(1H), including thresholds, rates, and c...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
Income Tax : The Finance Bill 2025 proposes removing Sections 206AB & 206CCA, eliminating higher TDS/TCS rates for non-filers, reducing complia...
Income Tax : Finance Bill 2025 removes higher TDS/TCS for non-filers, effective from April 1, 2025, easing compliance burdens, though higher ra...
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 : Where unaccounted sales were established through seized material, only the net profit embedded therein was liable to tax, and not ...
Income Tax : The Tribunal held that no TDS demand can survive where tax was duly deposited and PAN became operative within the CBDT-prescribed ...
Income Tax : The Ministry of Finance exempts RBI from Section 206CCA of Income Tax Act, 1961 through Notification No. 46/2024 dated 27th May, 2...
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...
Income Tax : Issue of order u/s.138(1)(a)(i) of the Income Tax Act, 1961(‘Act’) for the purposes of launch of Compliance Check Functionalit...
Understand the declaration format for Section 194Q, 206AB & 206CCA. Learn how to comply with the new TDS regulations and ease the burden of compliance.
Income Tax Department has facilitated 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. This functionality is made available through Reporting Portal of Income-tax Department (https://report.insight.gov.in).
Section 206AB(1) [and Section 206CCA(1)] contains the word ‘Where’, so it is quite obvious that one has to decide as to someone (probable deductee or collectee) is specified person or not as on the relevant date of deduction or collection at source.
Understand the new tax provisions u/s 206AB and 206CCA of the Income Tax Act 1961. Learn how these sections affect non-filers and ensure compliance.
1 जुलाई 2021 टीडीएस / टीसीएस की बढ़ी हुई दरें रिटर्न फाइल नहीं करने वालों के लिए टीडीएस/ टीसीएस की दर :- 206AB एवं 206CCA 1 जुलाई 2021 से जिन व्यक्तियों का टीडीएस काटा जाना है अथवा टीसीएस एकत्र किया जाना है उनकी एक नई श्रेणी बताई गई है जिनके लिए टीडीएस/ टीसीएस सामान्य दर […]
The Finance Act 2021 introduced new Sections 206AB and 206CCA levying TDS/TCS at double rate w.e.f. 1st of July 2021 Background, Relevance, Applicability & Rate: The central government proposed Section 206AB (TDS) & Section 206CCA (TCS) consist of a special provision for the deduction of TDS at a higher rate for the non-filers of income […]
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.
The Finance Bill 2021 has introduced following new sections in relation to Tax Deducted at source (TDS) and Tax Collected at source (TCS): i) Section 194Q- TDS on purchase of goods ii) Section 206AB: Higher rate of TDS for non filers of Income tax return iii) Section 206CCA: Higher rate of TCS for non filers of Income tax return iv) Section 194P: TDS in case of specified senior citizen
Understanding the applicability of Section 206AB and 206CCA under the Income Tax Act,1961. Get insights on the higher TDS/TCS rates for non-filers of ITR.
Section 206AB and Section 206CCA of the Income Tax Act, 1961: Deduction of TDS/TCS for Non- Filers of Income Tax Return The Hon’ble Finance Minister had proposed various amendments to the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’ ) in her budget speech on 1st February, 2021, in order to rationalize various […]
