How is the industry preparing for TDS/TCS of Non-Filer to be deducted at higher rates applicable from 1st July 2021.?
Sec 206AB and Sec 206CCA
Are we expecting a utility similar to that available for 194N ? Or will it be through vendor/customer declarations
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Sec 206AB Sec 206CCA
Replies (2)
No notification till available regarding 206AB and 206CCA for section 194N utility.
Proposed section 206AB of the Act would apply on any sum or income or amount paid or payable or credited, by a person (herein referred to as Deductor) to a specified person. The proposed TDS rate in this section is higher of the followings rates:-
twice the rate specified in the relevant provision of the Act; or
twice the rate or rates in force; or
the rate of five per cent
However, this section shall not apply where the tax is required to be deducted under sections 192 (TDS on Salary), 192A (TDS on Premature withdrawal of EPF), 194B (TDS on winnings from lottery), 194BB (TDS on winnings from horse races), 194LBC (TDS by securitization trust) or 194N (TDS on cash withdrawal) of the Act.
Proposed section 206AB of the Act would apply on any sum or income or amount paid or payable or credited, by a person (herein referred to as Deductor) to a specified person. The proposed TDS rate in this section is higher of the followings rates:-
twice the rate specified in the relevant provision of the Act; or
twice the rate or rates in force; or
the rate of five per cent
However, this section shall not apply where the tax is required to be deducted under sections 192 (TDS on Salary), 192A (TDS on Premature withdrawal of EPF), 194B (TDS on winnings from lottery), 194BB (TDS on winnings from horse races), 194LBC (TDS by securitization trust) or 194N (TDS on cash withdrawal) of the Act.
Dear Sir
is new section 206AB is applicable on the purchase of raw material?
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