How to check whether person is filing Income Tax Return or not : Compliance Check for Section 206AB & 206CCA

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How to check whether person is filing Income Tax Return or not :

Compliance Check for Section 206AB & 206CCA

 

Section 206AB and 206CCA requiring higher rate of TDS & TCS are applicable from 1st July 2021 requiring deduction of TDS (other than salary, horse racing, etc) or TCS at twice the normal rates or 5% whichever is higher, in case, deductee or collectee are specified persons ie not filed ITRs for 2 years, total of TDS and TCS is Rs 50,000 or more.
Considering the fact that it is practically impossible for the deduction or collector to identify the specified persons, the new functionality has been issued by CBDT ‘Compliance check for 206AB and 206CCA’.
 As per the functionality, Single or multiple search of PAN can be made to identify the specified persons and bulk data can in fact be downloaded in pdf format.
A list of specified persons would be prepared at the start of the FY and no new specified person would be added during the FY.  If a specified person fulfils the conditions specified above, he would be removed from the list during the FY.
 So as a rule, new specified persons list on the portal would be drawn at the start of the FY and no new person would be added during the year even if he becomes a specified person. So we just have to check at the start of the FY for specified persons. Only while adding a new vendor during the year, we might have to look if he is a specified person. Also, if the status of specified person gets converted into a non specified person, we might have to update in our records.

1 Comment

  1. June 28, 2021
    Subash dash

    Income tax returns to give me

    Reply

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