Applicability of section 206ab if business is new

This discussion examines the applicability of Section 206AB of the Income Tax Act. It clarifies that Section 206AB generally does not apply to new businesses that have filed late returns, even if their TDS exceeds £50,000. The conversation also addresses whether Section 206AB applies to a foreign principal company selling medical instruments in India through dealers, where payments are made directly to the parent company's overseas account.