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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Circular: New Compliance Check Tool for Sections 206AB & 206CCA to Ensure Higher Tax Rates for Non-Filers.</h1> The circular issued by the Central Board of Direct Taxes discusses the implementation of sections 206AB and 206CCA of the Income-tax Act, 1961, which mandate higher tax deduction or collection rates for specified non-filers. To ease compliance, a functionality called 'Compliance Check for Section 206AB & 206CCA' was introduced, allowing tax deductors and collectors to verify if a person is specified by using their PAN. The Finance Act 2022 amended these provisions, reducing the period for becoming a specified person to one year and excluding certain transactions. The circular also emphasizes the importance of using this functionality to avoid unnecessary documentation requests from taxpayers.
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