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of <h1>New Tax Rules: Sections 206AB and 206CCA Impose Higher Rates for Non-Filers with Annual Deductions Over INR 50,000.</h1> The Finance Act, 2021 introduced Sections 206AB and 206CCA to the Income-tax Act, 1961, effective from July 1, 2021, mandating higher tax deduction or collection rates for certain non-filers. These sections apply to individuals who haven't filed returns for the two previous assessment years and have a total tax deduction and collection of at least INR 50,000 annually. To ease compliance, the Central Board of Direct Taxes launched a 'Compliance Check' functionality to identify such specified persons using PAN. The list of specified persons is updated annually, and names can be removed if returns are filed or tax amounts fall below the threshold.
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