Circular regarding use of functionality under section 206AB and 206CCA of the Income-Tax Act

The Finance Act, 2021 introduced two new provisions with effect from 1 July 2021 which prescribes tax deduction (Section 206AB) or tax collection (Section 206CCA) at a higher rate in the case of certain non-filers of return of income (specified persons). The higher rate is twice the prescribed rate or 5 percent, whichever is higher.

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