Declaration under section 206 AB

This discussion explores the application of the £50k limit under Section 206 AB. The key question is whether this limit applies to individual deductors or the assessee as a whole. Participants consider the practical challenges for sectors like transportation and logistics, where many payees may not file Income Tax Returns and their numbers are substantial and fluid. The prevailing view is that the limit is likely tied to the payee's PAN, aligning with the PAN-based nature of tax deduction.