Section 206AB/206CCA applicability & Declaration wef 1.7.2021

The new Section 206AB and 206CCA are added in the Income Tax Act, 1961 by the Finance Bill, 2021. These Sections impose a higher rate of TDS / TCS if the transactions are done with the non-filers of income tax return (ITR). Section 206AB and 206CCA the sections will be effective from 1st July,2021. The deductor/collector will now have to request documentation validating proof of ITR submission in the previous 2 years.
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