Insertion of new section 206AB.

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.... anything contained in any other provisions of this Act, where tax is required to be deducted at source under the provisions of Chapter XVIIB, other than sections 192, 192A, 194B, 194BB, 194LBC or 194N on any sum or income or amount paid, or payable or credited, by a person (hereafter referred to as deductee) to a specified person, the tax shall be deducted at the higher of the following rates, na....

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....rce and tax collected at source in his case is rupees fifty thousand or more in each of these two previous years: Provided that the specified person shall not include a nonresident who does not have a permanent establishment in India. Explanation.--For the purposes of this sub-section, the expression "permanent establishment" includes a fixed place of business through which the business of the....

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....e; or at the rate of five per cent.. Sub-section (2) thereof seeks to provide that if the provision of section 206AA is applicable to a specified person, in addition to the provision of this section, the tax shall be deducted at higher of the two rates provided in this section and in section 206AA. Sub-section (3) thereof seeks to define the expression "specified person" to mean a person who has....