Vendor started business in the previous year 2019-20...and filed late return and tds in his case is more than 50000...will 206ab attract??
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Quick Summary
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.
A company located in Singapore is having a subsidiary office in India. Parent company (Singapore) deals in distribution & selling of medical Instrument via some dealers in India (India office is not involved in selling and all payments from customer/dealer end are directly made to Principal Company account in Singapore)
Section 206 AB will be applicable to Principal company in Singapore?