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File past year returns, avoid higher taxes as new tax provisions kick in

Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in

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The CBDT has provided a new functionality — compliance check for Sections 206AB and 206CCA — on the reporting portal of the I-T dept, which can be accessed via the I-T portal as well

Bindisha Sarang Mumbai

4 min read Last Updated : Jun 24 2021 | 6:10 AM IST

Two new Sections, 206AB and 206CCA, were added to the Income-Tax (I-T) Act, 1961, by the Finance Bill, 2021. They contain special provisions for deduction or collection of tax at source (TDS/TCS) at a higher rate under certain conditions.

Suresh Surana, founder, RSM India, says, “These two Sections contain special provisions for deduction of TDS or TCS at higher rates in case of specified persons or certain non-filers of I-T returns (ITRs).”

They are basically an extension of Sections 206AA (TDS) and 206CC (TCS), and are aimed at bringing more people into the tax net.

According to Manish P Hingar, founder, Fintoo, a

Topics : Income tax TDS I-T returns tax filing Income Tax e-filing tax compliance tax deductions