I-T dept functionality to identify ‘specified persons’ on whom higher TDS will be levied from Jul 1


Team Udayavani, Jun 22, 2021, 1:20 PM IST

New Delhi: The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the ‘specified persons’ on whom higher rate of taxes will be levied from July 1.

The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years.

The Central Board of Direct Taxes (CBDT) issued a circular on Monday on implementation of Sections 206AB and 206CCA with respect to higher tax deduction/collection for certain non-filers.

”New functionality issued for compliance checks for sec 206AB & 206CCA to ease compliance burden of tax deductors/collectors,” the I-T department had tweeted.

The CBDT said that since the TDS deductor or the TCS collector would be required to do a due diligence on whether the deductee or collectee is a ‘specified person’, this could lead to extra compliance burden on them.

The new functionality — ‘Compliance check for sections 206AB and 206CCA’ — would ease this compliance burden, the CBDT said.

Through the functionality, the TDS deductor or TCS collector can feed PAN of the deductee or collectee on the functionality and get to know whether the deductee or collectee is a ‘specified person’.

The income tax department has prepared a list of ‘specified persons’ in the beginning of financial year 2021-22, taking 2018-19 and 2019-20 as the two relevant previous years.

The list contains names of taxpayers who did not file return of income for both assessment years 2019-20 and 2020-21 and have aggregate TDS and TCS of Rs 50,000 or more in each of these two previous years.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back

Medical College expels 5 MBBS students from hostel for ragging juniors

Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP

Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi

Tejasvi Surya hits out at Kharge, CMs of Cong-ruled states over poll promises

Farooq Abdullah seeks inquiry into spike in terror attacks in Valley since Omar’s swearing-in

Sabarimala pilgrims to get free insurance coverage of Rs five lakh

Related Articles More

Sensex, Nifty decline on selling in IT shares, FII sellout; end Samvat 2080 with 22% gains

Sensex, Nifty decline in early trade on unabated foreign fund outflows, selling in IT stocks

Gold surges Rs 1,000 to breach Rs 82k-mark as Diwali sparkles demand

Car makers witness record sales on Dhanteras; Oct bookings up by 30%

Dhanteras begins on slow note; Jewellers expect footfalls to increase

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back

Medical College expels 5 MBBS students from hostel for ragging juniors

Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP

Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi

Tejasvi Surya hits out at Kharge, CMs of Cong-ruled states over poll promises

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.