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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Higher TDS Rates for Non-Filers Under Section 206AB Effective July 2021: Double Rate or 5% Minimum</h1> Section 206AB, introduced by the Finance Act, 2021, mandates higher tax deduction at source for non-filers of income-tax returns. Effective July 1, 2021, it applies if tax is to be deducted under Chapter XVIIB, excluding certain sections. The tax rate will be the higher of twice the specified rate, twice the rate in force, or 5%. If Section 206AA also applies, the higher rate between the two sections will be used. A 'specified person' is one who hasn't filed returns for the two preceding years, with TDS and TCS aggregating to at least fifty thousand rupees annually, excluding non-residents without a permanent establishment in India.
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