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Step by Step Guide to Use the New Functionality of "Compliance Check for Sections 206AB & 206CCA"
The Finance Act, 2021 has inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 w.e.f. 1.7.2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers / "Specified Persons". Higher rate is twice the prescribed rate or 5%, whichever is higher.
"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.