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of <h1>Finance Bill 2022: Amendments to Sections 206AB, 206CCA Target Non-Filers, Reduce Filing Period, Provide Exemptions.</h1> The Finance Bill, 2022 proposes amendments to sections 206AB and 206CCA to broaden the tax base by targeting 'specified persons' who have not filed income returns for the previous year and have tax deductions or collections of Rs. 50,000 or more. The requirement for filing returns is reduced from two years to one year. Exemptions are provided for certain transactions under sections 194-IA, 194-IB, and 194M to ease the burden on individuals and Hindu undivided families. Additionally, errors in terminology are corrected, and electronic filing is emphasized. These changes are effective from April 1, 2022.
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