9911796707
TMI BlogCircular regarding use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... ons) with respect to tax deductions (other than under sections 192, 192A, 194B, 194BB, 194LBC and 194N) and tax collections. Higher rate is twice the prescribed rate or 5%, whichever is higher. Specified person means a person who satisfies both the following conditions: - (i) He has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately before the previous year in which tax is required to be deducted /collected. Two previous years to be counted are required to be those whose return filing date under sub-section (1) of section 139 has expired. (ii) Aggregate of tax deducted at source and tax collected at source is rupees fifty thousand or more in each of these two previous year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uce the burden on tax deductor and collector of checking PANs of non-specified person more than once during the financial year. * If any specified person files a valid return of income (filed & verified) for assessment year 2019-20 or 2020-21 during the financial year 2021-22, his name would be removed from the list of specified persons. This would be done on the date of filing of the valid return of income during the financial year 2021-22. * If any specified person files a valid return of income (filed & verified) for assessment year 2021-22, his name would be removed from the list of specified persons. This will be done on the due date of filing of return of income for A.Y. 2021-22 or the date of actual filing of valid return (filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n be assured that these 9,995 PANs would remain outside the list of specified persons during that financial year. Thus, deductor or collector need not check again with respect to these 9,995 PANs during that financial year. There are chances that the 5 PANs which are of specified persons may move out of the list during the financial year and for that there will be need to recheck at the time of making tax deduction or tax collection. 5. The list would be drawn afresh at the start of each financial year and the above process would have to be repeated. For example, at the beginning of the financial year 2022-23 a fresh list would be prepared with previous years 2019-20 and 2020-21 as the two relevant previous years. Then, no name would be ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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