{"id":75,"date":"2022-07-05T12:08:00","date_gmt":"2022-07-05T12:08:00","guid":{"rendered":"https:\/\/akhilamitassociates.com\/blog\/?p=75"},"modified":"2023-11-16T12:09:39","modified_gmt":"2023-11-16T12:09:39","slug":"specified-person-u-s-206ab-tds-206cca-tcs","status":"publish","type":"post","link":"https:\/\/akhilamitassociates.com\/blog\/specified-person-u-s-206ab-tds-206cca-tcs\/","title":{"rendered":"Specified Person u\/s 206AB (TDS) &amp; 206CCA (TCS)"},"content":{"rendered":"\n<p>CBDT has notified Section 206AB (TDS) &amp; 206CCA (TCS) on 1st July 2021 for deducting a higher rate of TDS &amp; TCS for persons not filed their Income Tax Returns for the last 2 assessment years to which the due date for filing ITR has been expired, provided that this provision will apply only when the TDS &amp; TCS credit of that person during those assessment years are more than Rs. 50,000 each.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The rate of TDS will be: (Higher Rate of the following) \u2013 TDS<\/h3>\n\n\n\n<ol>\n<li>1. 5% (or)<\/li>\n\n\n\n<li>2. Twice the original rate specified in the respective sections.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">The above provisions are not applicable to:<\/h3>\n\n\n\n<ul>\n<li>\u2981 192 \u2013 TDS on Salary Payments<\/li>\n\n\n\n<li>\u2981 192A \u2013 TDS on Provident Fund Withdrawals<\/li>\n\n\n\n<li>\u2981 194B \u2013 TDS on Lottery (or) Crossword Puzzle Payments<\/li>\n\n\n\n<li>\u2981 194BB \u2013 TDS on Horse Races Winnings<\/li>\n\n\n\n<li>\u2981 194LBC \u2013 TDS on Income of Investment Securitization Trust<\/li>\n\n\n\n<li>\u2981 194N \u2013 TDS on Cash Withdrawal<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Amendment in Finance Act, 2022 (From 1st April 2022):<\/h2>\n\n\n\n<p>CBDT has bought down the conditions to&nbsp;<strong><em>last one assessment year&nbsp;<\/em><\/strong>instead of 2, i.e., TDS &amp; TCS has to be deducted at a higher rate as specified above if a person has TDS &amp; TCS credit of more than Rs. 50,000 and doesn\u2019t file his ITR for the last assessment year to which the due date for filing ITR has expired. The higher rate of TDS mentioned above remains the same as before.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">List of Sections to which S. 206AB &amp; 206CCA are not applicable:<\/h3>\n\n\n\n<ul>\n<li>\u2981 192 \u2013 TDS on Salary Payments<\/li>\n\n\n\n<li>\u2981 192A \u2013 TDS on Provident Fund Withdrawals<\/li>\n\n\n\n<li>\u2981 194B \u2013 TDS on Lottery (or) Crossword Puzzle Payments<\/li>\n\n\n\n<li>\u2981 194BB \u2013 TDS on Horse Races Winnings<\/li>\n\n\n\n<li><em>\u2981<\/em>&nbsp;<em>194-IA \u2013 TDS on transfer of Immovable Property other than Agricultural Land<\/em><\/li>\n\n\n\n<li><em>\u2981<\/em>&nbsp;<em>194-IB \u2013 TDS on rent by certain individuals (or) Hindu Undivided Family<\/em><\/li>\n\n\n\n<li>\u2981 194LBC \u2013 TDS on Income of Investment Securitization Trust<\/li>\n\n\n\n<li><em>\u2981<\/em>&nbsp;<em>194M \u2013 TDS on Payment of Contract, Commission, Professional Charges, or Fees for Technical Services by certain individuals (or) Hindu Undivided Family<\/em><\/li>\n\n\n\n<li>\u2981 194N \u2013 TDS on Cash Withdrawal<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><em>Source:<\/em><\/h3>\n\n\n\n<ol>\n<li>1. Provisions of 206AB \u2013&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325073022\/https:\/\/www.incometaxindia.gov.in\/_layouts\/15\/dit\/Pages\/viewer.aspx?grp=Act&amp;cname=CMSID&amp;cval=102120000000077682&amp;searchFilter=[{%22CrawledPropertyKey%22:1,%22Value%22:%22Act%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:0,%22Value%22:%22Income-tax%20Act,%201961%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:29,%22Value%22:%222021%22,%22SearchOperand%22:2}]&amp;k=&amp;IsDlg=0\">up to 31st March 2022<\/a>&nbsp;&amp;&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325073022\/https:\/\/incometaxindia.gov.in\/_layouts\/15\/dit\/Pages\/viewer.aspx?grp=Act&amp;cname=CMSID&amp;cval=102520000000120934&amp;searchFilter=[{%22CrawledPropertyKey%22:1,%22Value%22:%22Act%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:0,%22Value%22:%22Finance%20Acts%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:29,%22Value%22:%222022%22,%22SearchOperand%22:2}]&amp;k=206ab&amp;IsDlg=0\">After 1st April 2022<\/a><\/li>\n\n\n\n<li>2. Provisions of 206CCA \u2013&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325073022\/https:\/\/www.incometaxindia.gov.in\/_layouts\/15\/dit\/Pages\/viewer.aspx?grp=Act&amp;cname=CMSID&amp;cval=102120000000077683&amp;searchFilter=[{%22CrawledPropertyKey%22:1,%22Value%22:%22Act%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:0,%22Value%22:%22Income-tax%20Act,%201961%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:29,%22Value%22:%222021%22,%22SearchOperand%22:2}]&amp;k=&amp;IsDlg=0\">up to 31st March 2022<\/a>&nbsp;&amp;&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325073022\/https:\/\/incometaxindia.gov.in\/_layouts\/15\/dit\/Pages\/viewer.aspx?grp=Act&amp;cname=CMSID&amp;cval=102520000000120936&amp;searchFilter=[{%22CrawledPropertyKey%22:1,%22Value%22:%22Act%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:0,%22Value%22:%22Finance%20Acts%22,%22SearchOperand%22:2},{%22CrawledPropertyKey%22:29,%22Value%22:%222022%22,%22SearchOperand%22:2}]&amp;k=206cca&amp;IsDlg=0\">After 1st April 2022<\/a><\/li>\n\n\n\n<li>3. Other Notifications &amp; Circulars for 206AB &amp; 206CCA \u2013&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325073022\/https:\/\/incometaxindia.gov.in\/communications\/circular\/circular_11_2021.pdf\">Circular No. 11 of 2021<\/a>&nbsp;dated 21st June 2021 &amp;&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325073022\/https:\/\/incometaxindia.gov.in\/communications\/notification\/notification01_2021-compliance-check-functionality.pdf\">Notification No. 1 of 2021<\/a>&nbsp;dated 22nd June 2021 (Directorate of Income Tax \u2013 Systems).<\/li>\n<\/ol>\n\n\n\n<p><em><a href=\"https:\/\/web.archive.org\/web\/20230325073022\/https:\/\/akhilamitassociates.com\/ContactUs.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">Thanks for reading! Have a Good Day!<\/a><\/em><\/p>\n\n\n\n<p><strong><em><a href=\"https:\/\/web.archive.org\/web\/20230325073022\/https:\/\/goo.gl\/maps\/Bw3SB8XUVwXa7skUA\" target=\"_blank\" rel=\"noreferrer noopener\">Chartered Accountant in Pimpri Chinchwad<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBDT has notified Section 206AB (TDS) &amp; 206CCA (TCS) on 1st July 2021 for deducting a higher rate of TDS &amp; TCS for persons not filed their Income Tax Returns for the last 2 assessment years to which the due date for filing ITR has been expired, provided that this provision will apply only when [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,4],"tags":[],"_links":{"self":[{"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/posts\/75"}],"collection":[{"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=75"}],"version-history":[{"count":1,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/posts\/75\/revisions"}],"predecessor-version":[{"id":76,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/posts\/75\/revisions\/76"}],"wp:attachment":[{"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=75"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=75"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=75"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}