A ‘specified person’ who fails to file income tax returns for the previous two financial years is subject to tax deductions or collections at a higher rate under Sections 206AB and 206CCA. Section 206AB relates to TDS, whereas section 206CCA relates to TCS. As mentioned in both sections, if a person meets the following two…
Tag: 206cca of income tax act
Under Sections 206AB and 206CCA, TDS and TCS Are Increased
There are two sections in the Tax Code, Section 206AB and Section 206CCA, that mandate higher rates of tax deduction and collection in the case of Specified Persons. Who are the specified persons? An individual who satisfies both of the conditions listed below is considered a specified person: He has not furnished the return of…