Income Tax Department Issues FAQs on Compliance Check for Section 206AB & 206CCA of the Income Tax Act

INCOME TAX DEPARTMENT

Via Finance Act 2021, Section 206AB and 206CCA are inserted in the Income-tax Act, 1961 (effective from 1st July 2021). These sections impose a higher TDS/TCS rate on the “Specified Persons”, as defined in the new sections. In view of the above, 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). Department also issues FAQs on the same which can be downloaded by 

 

Loader Loading…
EAD Logo Taking too long?

Reload Reload document
| Open Open in new tab

Download [1.64 MB]

    Leave a Reply

    Your email address will not be published. Required fields are marked *