With reference to Section 206AB of the Income Tax Act, 1961 (Special provision for deduction of tax at source for non-filers of income-tax return) applicable from 1 July, 2021, what are the documents which the deductor of T.D.S. / payer of the party should ask from the party to whom he will make the payment to ensure that T.D.S. for each of the 2 preceding previous years is below Rs. 50,000/- or how else will the deductor satisfy himself about the fulfilment of the provision of Sec. 206 AB ?

Is the threshold amount of Rs. 50,000/- applicable only to the payments made by a deductor (For example if X pays to Y Rs. 7,20,000/- per annum and deducts tax u/s. 194J @ 10%; the T.D.S. per annum will be Rs. 72,000/-) to the party receiving payment or is it applicable for the total TDS claim made by the deductee as a whole in his return of income (For example, X deducts only Rs. 5,000/- as T.D.S. per annum from Y but Y claims Rs. 70,000/- as T.D.S. in his ROI in view of T.D.S. effected by other parties) ?

Is there any specific declaration form to be obtained from the deductee to this effect ?

Thank you and regards.

I have four bank accounts. Only one is associated with the broker. I transfer money in and out from this account for FnO trading. So will my balance sheet reflect the cash position of this account only? Or does it have to show cash in hand for all other accounts that are not related to trading? Similarly will my current assets be only positions and money related to FnO trading in this account and with broker? Or will it be all my investments in FDs, stocks, mutual funds, bonds etc? The reason being only FnO trading is considered as business income, not bonds, FDs etc. So can I separate the FnO trading part from all other personal incomes and file them under interest income, dividend income, capital gains etc?

We have made credit sales of Rs196500/ during FY 2015-2016.Now the party wants to give the full payment in cash. Can we accept cash now from the party? Pl advise.

This provision is applicable for all contractors or there is limitation of turnover also.
contractor means - transporter, freight forwarders, clearing agents

Whether Presumptive taxation benefit under Section 44ADA is Available for resident but not Ordinary resident? (RNOR) I thought that the bifurcation of Resident -Ordinary and Not -Ordinary is only for the limited purpose of Chargeability of Income in India. And since section 44ADA is Applicable for "Resident" ,I think it is applicable for both Ordinary resident and Not Ordinary Resident. Similarly, please clarify the applicability of Section 87A rebate for Not Ordinary Resident. Thank in advance

T_FV_4324 Certificate number provided for non-deduction/lower deduction is not valid, please enter valid 10 digit certificate number.
T_FV_4326 For no deduction/higher deduction, no value should be provided under this field.
please explain how to rectify above errors in tds return process in rpu 3.6 of validation 7.1

ACCESSE HAVE A ISSUE GST NUMBER TILL NOVEMBER 2020 BUT NOVEMBER TO MARCH GST TURN OVER IS ZER. IN SEOT BALANCE SHEET WE HAVE MENTION JOB WORK INCOME APR TO OCT MONTH WITHOUT GST 

I filed return in July 2020 in ITR 1 for F.Y. 2019-20 and there is refund amount in my case. While afterwards i got to know need to file return in ITR 2 instead of ITR 1 so i revised the return on 30 nov 2020. The ITR processing completed on 4 dec 2020 for Original return (ITR1) and refund amount has been duly reflecting in 143(1) but no refund has been received and no revised return has been processed yet. Could anyone please suggest here.

Dear Experts

In preparation of TDS return after giving a path for CSI file and on validation an error shows that is " Extension of challan file should be csi.". I don't make any change in the downloaded CSI file but still, this error is shown when I'm doing Validation.

Kindly suggest to me how I can resolve this error

Dear Team,

My father and mother had not submitted their respective pan card details with the company and hence 20% tax was deducted from dividend directly by company in August 2020.
Now I understand that they can still claim an appropriate refund of tax deducted at higher rate from the department by filing revised return.
Can this be done by 31 May 2021.

Regards
Zubin