NEWS 18: COMPLIANCE NORMS FOR SECTION 206AB

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NEWS 18: COMPLIANCE NORMS FOR SECTION 206AB

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“It is important to note that to check GSTR compliance the GST portal already has this kind of feature. Now for ITR, the income tax portal is also expected to have this feature.”

“There was an apprehension among trade and industry incase this checking has to done multiple times in a financial year, but the same has been clarified that even if a vendor has not filed its return by the due date in AY 21-22 his compliance status for the tax deductor till 31st March 2022 will be compliant on the basis of the tax return filing of the previous two years,”

“Further in case a non-compliant person files his returns during FY 21-22, then it’s status changes to compliant and it is saved from the rigours of Sec 206AB,”

This feature will be made available only to Tax Deductors with a Valid TAN Number and not to all taxpayers.

“Possibly going forward this facility may be made available to all persons with a PAN No. This would act as a double check for the recipients to see whether the vendors are compliant or not and it may help them select a compliant vendor over a non compliant one.”

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