The two new sections 206AB and 206CCA, recently inserted to which act?
A. Drug Trafficking Act 1994
B. The Anti-Hijacking Act, 2016
C. Citizenship (Amendment) Act, 2019
D. Income-tax Act 1961
Explanation:
Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers (specified persons). Higher rate is twice the prescribed rate or 5%, whichever is higher.
