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of <h1>Finance Bill 2021: Higher TDS/TCS Rates for Non-Filers u/ss 206AB & 206CCA to Boost Tax Compliance.</h1> The Finance Bill, 2021 introduces sections 206AB and 206CCA to impose higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) on individuals who have not filed income tax returns for the past two assessment years and meet certain criteria. These sections aim to encourage tax compliance by imposing higher rates, such as twice the specified rate or 5%, whichever is higher. These provisions do not apply to non-residents without a permanent establishment in India. The amendments are effective from July 1, 2021, and exclude certain sections like 192 and 194B from their application.
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