can someone please tell me what is 206 AB act. is this for all the vendors like 94c, 94j & 94i?
please explain with example if possible.
thank you
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Section 206 Ab
Replies (1)
As per the new provision u/s 206AB, the tax deductor/collector is required to check if the income earner has filed the returns for the previous two years if the amount of TDS deducted is ₹50,000 or more.
If the returns have not been filed, then the TDS deducted will be double the existing TDS rate or at rate of 5%, whichever is higher.
However, this section is not applicable for Salary income, provident fund payments, TDS on lottery and winning from horse race.
If the returns have not been filed, then the TDS deducted will be double the existing TDS rate or at rate of 5%, whichever is higher.
However, this section is not applicable for Salary income, provident fund payments, TDS on lottery and winning from horse race.
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