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Section 206AB

New Rules in TDS/TCS, Effective from 01 July 2021

The Finance Act 2021 has introduced two new changes in rules relating to TDS (Tax deducted at source) or TCS (Tax collected at source). A. Higher TDS/TCS rate for non-filer of IT returns Till now, a higher TDS rate was deducted only for those who did not have PAN. But from July 1st, a higher rate would be deducted if you have not filed IT returns in the last 2… Read More »New Rules in TDS/TCS, Effective from 01 July 2021

Analysis of Section 206AB and Section 206CCA

Section 206AB and section 206CCA were proposed in the Finance Bill 2021. These sections provide for a higher deduction of TDS and TCS respectively, if certain conditions are met. Let us discuss details about Section 206AB & section 206CCA. Introduction of Section 206AB  According to the Section 206AB, tax shall be deducted on any income or amount paid or payable or credited by a person to a specified person, at… Read More »Analysis of Section 206AB and Section 206CCA