TDS new provision 206AB/206CCA
This query is : Open
11 June 2021
This provision is applicable for all contractors or there is limitation of turnover also.
contractor means - transporter, freight forwarders, clearing agents
contractor means - transporter, freight forwarders, clearing agents
CMA Poornima Madhava
(Expert)
11 June 2021
Yes, it is applicable in respect of specified persons. The deciding factor is not the turnover here.
“Specified Person” means:
1) Person who has not filed the Income Tax Return (ITR) for 2 previous years immediately before the previous year in which tax is required to be deducted/collected;
2) The time limit of ITR filing under sub-section (1) of Section 139 is expired; and
3) The aggregate TDS or TCS is Rs. 50,000 or more in each of the 2 previous years.
“Specified Person” means:
1) Person who has not filed the Income Tax Return (ITR) for 2 previous years immediately before the previous year in which tax is required to be deducted/collected;
2) The time limit of ITR filing under sub-section (1) of Section 139 is expired; and
3) The aggregate TDS or TCS is Rs. 50,000 or more in each of the 2 previous years.
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