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.
Daily Current Affairs Quiz 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.
With this new functionality, the Government has reiterated its commitment to ease the compliance burden of taxpayers.
