TDS/TCS Higher Rate Sec. 206AB/206CCA IncomeTax Non-Filers Impact Explained Malayalam IdealInfomedia

In this video we are explaining the new TDS section 206AB, 206CCA, 206AA, 206CC implementing from July 1st 2021 on non filers of income tax. Subscribe Ideal InfoMedia Channel : https://bit.ly/3arEYCH

Chapters:
0:00-Contents
0:24-Introduction
0:30-Income Tax Section 206AB
0:46-What is TDS/What is TCS?
1:30-who is a specified person?
2:40-Which are the previous years for 206AB. and 206CCA?
3:21-Explanation of previous years deduction or collection of tax for 206AB and 206CCA
4:20-Explanation of higher rate of deduction or collection of TDS/TCS as per section 206AB/206CCA
5:12-Income Tax Section 206CCA
6:19-About report.insight.gov.in site as per income tax circular dated June 21. 2021
7:00-Sections exempted from 206AB/206CCA
8:15-Section 206AA and Section 206CC
9:24-Conclusion
9:35-Extro

Section 206AB applicable if the deductee has not filed his income tax return for the preceding two financial years and has a tds deduction of rs 50000 or more for the preceding two financial years. Section 206CCA applicable if the deductee has not filed his income tax return for the preceding two financial years and has a tcs collection of rs 50000 or more for the preceding two financial years. Section 206AA is about the deductees who have not PAN cards and in the case of TDS deduction. Section 206CCA is also related with the deductees with no PAN and is related with TCS collection. In all the cases, higher rate of TDS deduction or TCS collection is required. The rate is twice of the actual rate, twice of the rate currently in fource and 5%, whichever is higher.

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