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TDS new provision 206AB/206CCA

This query is : Open 
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(Querist)
11 June 2021 This provision is applicable for all contractors or there is limitation of turnover also.
contractor means - transporter, freight forwarders, clearing agents
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CMA Poornima Madhava

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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.
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