The Finance Bill 2021 has proposed new Section 206AB and Section 206CCA under Income Tax Act, 1961 with effect from 01st July 2021, which provides for the higher rate of TDS and TCS respectively for the deductee who do not file their Income Tax Returns for both of the assessment years relevant to the two
Key Highlights of Budget 2021: Impact on Direct and Indirect Tax DIRECT TAX CHANGES No change in tax rates The time limit for assessment reduced to 9 months from 12 months from the end of the relevant Assessment Year. Time limits for issuing intimation us 143(1) reduced to 9 months going forward from
