As per Section 57 of Finance Act 2021 which is given effect from 1/07/2021- Section 206 AB and 206CCA was introduced which specifies deduction of TDS/TCS at double the rate of original rate with a minimum limit of 5% if the payee has not filed the ROI for the 2 immediately preceding Assessment years if …
This Facility has been introduced vide circular number 11/2021. Now, Quick Reference Guide and FAQ issued w.r.t to above compliance facility. Compliance Check for Section 206AB & 206CCA Quick Reference Guide Version 1.0 (June 2021) Directorate of Income Tax (Systems)Compliance Check for Section 206AB & 206CCA(Reporting Portal)Frequently Asked Questions (FAQs)Version 1.0 (June 2021) Read more …
Check what Finance Act 2021 says ? Earlier Article “stringent-provisions-under-the-income-tax-act-1961”, we discussed on section 194Q in details. Now, in this article we will discuss on Section 206 AB. There are certain rules about to change from July 1, 2021 in accordance with the announcements made in the Union Budget and as per Finance Act 2021. …
Did you know that certain taxpayers may have to pay double TDS from July? Read More »
DID you KNOW? The Finance Act, 2021 introduced following stringent provisions under Income Tax Act, applicable from 1stof July, 2021. TDS ON PURCHASE OF GOODS [SECTION 194Q] (We can check out difference between corresponding section 206C(1H) – W.E.F 01st-Oct-2020) TDS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206AB] (Refer already discussed, you may refer my …
STRINGENT PROVISIONS UNDER THE INCOME TAX ACT, 1961- W.E.F. 1ST JULY, 2021 Read More »