WebSubject: Circular regarding use of functionality under section 206AB and 206CCA of the Income-tax Aci, 1961 -reg. Finance Act, 2024 inserted two new sections 206AB and 206CCA in the Income-tax Act 196 1 (hereinafter referred to as "the Act") whi ch took effect from I S! day of July, 202 1. WebJun 23, 2024 · As per section 206AB & 206CCA, Specified Person, “means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing return of income under sub-section (1) of section 139 …
TDS in case of non-filers of Income Tax Return- Section 206AB
WebSection 206AB/206CCA are applicable to Specified person. Now, ‘Specified person’ means a person satisfying all the below mentioned conditions but shall not include a non-resident who does not have a permanent establishment in India: WebJun 23, 2024 · However, on the plain reading of section 206AB and section 206CCA of the IT Act, a person is treated as a specified person if the person has not filed ITR for both of the two assessment years relevant to the two previous years which are immediately before the previous years in which the tax is required to be deducted/ collected. dining set with clear chairs
Sections 206AB and 206CCA – Compliance Check Functionality
WebJun 24, 2024 · Who is a specified person under section 206AB “Specified Person” means: A person who has not filed the returns of income for both of the two previous years immediately before the previous year in which TDS is required to be deducted and the due date of filing return under section 139 (1) has expired and Webdiligence of satisfying himself if the deductee or the collectee is a specified person. This can lead to extra compliance burden on such tax deductor or tax collector. To ease this … WebMay 4, 2024 · CBDT has notified Section 206AB (TDS) & 206CCA (TCS) on 1st July 2024 for deducting a higher rate of TDS & TCS for persons not filed their Income Tax Returns for … fortnite invite spam bot