Casting - Auditions

Understanding Section 206AB in Income Tax is vital for businesses and individuals dealing with tax compliance. This provision mandates a higher TDS deduction for those who fail to file their income tax returns, ensuring greater transparency and accountability in taxation.

Why Should You Care About Section 206AB?

1. Prevents Tax Evasion – Targets individuals and businesses that have not been filing their tax returns.


2. Higher Tax Deduction for Non-Filers – If you haven’t filed ITR for two years and your TDS exceeds ₹50,000, a higher rate applies.


3. Applicable to Multiple Transactions – Covers payments related to professional fees, dividends, rent, and other taxable services.


4. Ensures Smooth Financial Transactions – Avoids legal complications and excess tax deductions by staying compliant.

To understand this tax provision in detail, SMC has explained this very well on "Understanding Section 206AB in Income Tax", ensuring you have all the necessary information to stay compliant.

Stay informed about Understanding Section 206AB in Income Tax to prevent unnecessary deductions and comply with taxation laws efficiently.

https://www.smcinsurance.com/income-tax/articles/section-206ab-income-tax-act

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