Quick Summary
Section 206AB of the Act provides for special provision for higher TDS for non-filers of income-tax returns. Similarly, section 206CCA of the Act provides for special provision for higher TCS for non-filers of income-tax returns. These non-filers in these sections are referred to as specified person. 2. These sections define specified person to mean a person who has not furnished the return of income for the assessment year relevant to the previous year immediately preceding the financial y
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FAQ :
Budget 2023-24 introduces relief from the special provision for higher TDS/TCS rates for individuals who are not required to file an income tax return (ITR).
Previously, 'specified persons' included individuals who had not furnished their income tax return for the relevant assessment year and whose aggregate TDS and TCS amounted to ₹50,000 or more in the preceding previous year.
No, non-residents without a permanent establishment in India were already excluded from the definition of 'specified person'.
No, the amendment clarifies that persons not required to furnish an ITR, and who are notified by the Central Government, will be excluded from this higher rate provision.
This amendment takes effect from 1st April 2023.
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