Imp-GST will be payable under RCM from 18 July 2022 - Renting of Residential Property

Dear Sir,

GST will be payable under RCM from 18 July 2022  - Renting of Residential Property – in below cases :

When a Company, LLP, Firm, Proprietary concern  etc., registered under GST takes a residential dwelling for the purpose of residence on rent for employees/Director , GST will be payable under RCM and the ITC of the GST paid under reverse charge can be claimed.

 
1. The exemption has been withdrawn vide CGST(Rate) Notification no. 04/2022 dated 13.07.2022.

2.  Same has been notified under RCM vide CGST(Rate) Notification no. 05/2022 dated 13.07.2022.

New TDS Provision on Purchases of Goods wef 01st July 2021

Author : Sudhir Halakhandi |   sudhirhalakhandi@gmail.com

Source: https://taxguru.in/goods-and-service-tax/tds-provision-purchases-goods-wef-01st-july-2021.html

FROM 1ST July 2021- NEW TDS PROVISION ON PURCHASES OF GOODS | SECTION 194Q |  ANALYSIS OF SECTION 194Q

A new provision of TDS is coming into force on the purchase of 'goods' with effect from 1st July 2021, under which the buyer of the goods has to deduct TDS from his seller at a certain percentage on the purchase of the goods. You will remember that last year the provisions of TCS on sale of goods came through section 206(C)(1H) and the provisions of TDS of 194Q are very similar to the provisions of these TCS. The buyer who has to deduct TDS and value of transaction on which deduction is to be made is clearly mentioned in the Section 194Q which we will see in this study.

Let us study these provisions under section 194Q applicable to TDS on Purchases of Goods from July 1, 2021 and let us try to understand what are these new provisions and whether there is any relation these provisions have with section 206(C)((1H) introduced last year only with respect to TCS on sale of Goods. We will also analyze that there may be a similarity which may have practical significance also. In some situations, there may be overlapping because in some situations both the provisions are applicable on a single transaction and this situation is really creating confusion in the mind of the taxpayers.

Let us try understand in very simple language the provisions of TDS of section 194Q on the purchase of goods with effect from July 1, 2021 so that these provisions can be followed after proper understanding of the same.

1. Section 194Q is applicable to which buyers: –

The section 194Q of TDS is applicable only to those buyers whose turnover, gross receipt or sales in the previous year was more than Rs.10 crores hence in the financial year ended on 31st March 2021, the buyers whose turnover was more than Rs.10 crore in that year, they have to deduct TDS from their resident seller on the purchase of above Rs.50 lakh in the current financial year 2021-22. This TDS is to be deducted on the balance amount leaving the first Rs 50 lakh per seller and it is applicable from 1st. July 2021,

Therefore, if the turnover of a buyer is less than Rs.10 crore in the year ended March 31, 2021, he does not have to comply with this provision in current financial year, thus a large number of buyers will remain outside this provision of TDS. You can say that the provision is applicable on relatively big buyers.

2.From which Sellers to deduct TDS: –

TDS at the rate of 0.1% is to be deducted on the amount exceeding Rs. 50 lakhs in any one financial year from one seller from whom the buyer as mentioned has purchased goods worth more than Rs. 50 lakhs. We should Keep in mind here that this seller should be a resident of India i.e., resident as per the Income Tax provisions.

3. On which amount TDS is to be deducted: –

This TDS is to be deducted only on the amount above Rs 50.00 lakh in a financial year from one seller i.e., if the purchase is for Rs 67.00 lakh then the Buyer has to deduct TDS only on the amount above Rs 50 lakh i.e., on Rs 17.00 lakh. Keep in mind here that every year if TDS is to be deducted under this section, then for each seller, the buyer will have to deduct first Rs. 50 Lakhs then deduct TDS on remaining amount. This is one time seller wise deduction for each seller in every financial year.

For example, if a buyer buys goods from a particular seller worth Rs 70.00 lakh each 4 times, then in this way in a financial year, he bought a total of 280.00 lakhs, then now he has to deduct Rs 50.00 lakh from it and the TDS has to be deducted only on Rs.230.00.

Now one more thing to keep in mind that this limit of Rs 50 lakh is for one financial year for each seller, so now that this provision is applicable from 1st July 2021 then TDS you have to deduct only on purchases after 1st July 2021 but While ascertaining the limit of purchase Rs. 50.00 Lakhs , the purchases from April 1, 2021, the purchase will also have to be taken into account.

Examples 1: –

X & Co. has made purchase from Y & Co. from 1st April 2021 to 30th June for Rs 40 lakhs and now on 1st July 2021 another purchase has been made from the same seller for Rs 30 lakhs, so now out of 30 lakhs on this purchase TDS has to be deducted on Rs 20 lakh after deducting Rs 10 lakh. The limit of a financial year is Rs 50 lakh per seller, so X & Company has already purchased Rs 40 lakh out of this limit before June 30, so now only Rs 10 lakh is left out of the limit of Rs 50 lakh. The TDS has to be deducted on the purchases made on or after 1st. July 2021.

Example 2: –

X & Co. has made a purchase from Y & Co. from 1st April 2021 to 30th June for Rs 70 lakhs and now on 1st July 2021, another purchase has been made from the same c for Rs 30 lakhs, so now on this purchase for Rs 30 lakhs only. TDS is to be deducted. The limit of Rs. 50 lakh per seller is for a financial year and X & Co. has already exhausted this limit before 30th June.

Whether TDS is to be deducted while adding GST: –

The reason for this controversy that the TCS to be deducted under section 206 (C) (1H) where the Central Board of Direct Taxes had clarified that TCS is to be deducted only on the entire amount received including GST.

206 (C) (1H) is related to the sale of goods, but the calculation of TCS on it is purely on the basis of "payment receipt", so there this clarification has been issued vide circular number 17/2020 dated 29 September 2020. That GST will be included while computing TCS.

But this is not the case with TDS under section 194Q, so there is a Board Circular 23/2017 dated 19 July 2017 regarding TDS in respect of services where it is said that "TDS should be deducted while leaving GST". should be applicable. But keep in mind here that no such clarification has been issued with respect to the goods.

Explanation must be issued to end confusion and dispute If the intention of the government is something else, that is, it wants to deduct this TDS on the amount of GST as well, then Circular/instructions in this regard should be issued before July 1, 2021, so that this dispute also ends.

4. At what time TDS is to be deducted: –

If all the conditions given in this section 194Q are satisfied, then this TDS is to be deducted at the time when such amount is credited to the seller's account  or paid to him, whichever is earlier i.e. when the buyer while entering the purchase of goods, the account of the Goods is debited and credited to the account of the seller, at that time TDS is to be deducted, but in this regard the payment has already been made to the seller in the form of advance, then TDS is to be deducted at the time of payment itself. . Understand this in simple words, if you have not paid the advance amount, then you have to deduct this TDS at the time of purchase of goods and if you have made advance payment then you have to deduct this TDS at the time of advance payment. Here you should keep in mind that this TDS is to be deducted at the time of giving advance and the balance amount while purchasing the goods.

5. What will be the rate of TDS :-

The rate of TDS will be 0.1% i.e., practically Rs.100 is to be deducted on Rs. 1.00 of eligible amount on which TDS is to be deducted.  Here is an example of Rs.1 lakh just for an estimate. The amount is to be calculated at the rate of 0.1% of the exact eligible amount. Let us try to understand with the help of some examples.

Example -1

For example, if the total purchase by the buyer in a financial year is 52,34,400.00 and all these purchases are made only after July 1, 2021, after deducting Rs 50 lakh, 2,34,400.00 is left, then the amount of TDS on this will be Rs 234.00.

Example-2: –

If a buyer has purchased goods worth Rs 70 lakh from his seller, then he has to deduct the first Rs 50.00 Lakh from it as initial deduction as mentioned in the section then deduct TDS on remaining Rs 20 lakh 0.1% Rs 2000.00 TDS.

TDS rate 5% for non-delivery of PAN number – Section 206AA

If the seller does not give his PAN number to the buyer, then this rate of TDS will be 5% instead of 0.1% which is normal rate of TDS under this section 194Q. You can imagine yourself that this is a rarest of the rare situation because at this time almost all the dealers have the PAN number and it is practically impossible to do business without PAN. But if a buyer does not have the seller's PAN number, then the rate of this TDS will be 5 percent instead of 0.1%.

In the normal case, where the person whose TDS is to be deducted, there is a provision to deduct 20 percent TDS for not giving the PAN number, but under section 194Q, this rate will be 5 percent if the PAN number is not given. Here one should note that without PAN the rate of Tax is 20% in other cases but in case of Section 194Q the rate will be 5%.

Rate of TDS for Non-filers of ITR: – 206AB

A new category of "Specified Persons" whose TDS is to be deducted from 1st July 2021 has been mentioned under section 206AB for whom TDS is to be deducted at twice the regular rate or 5 percent, whichever is higher. These persons are categorized as the persons in whose case the TDS/TCS deducted from them from all the sources is high in but they are defaulters in filing their returns regularly. Here defaulters mean persons who are not filing their ITRs for continuous 2 years in spite of the fact that in each of both these 2 years the TDS/TCS deducted and/or collected is more than Rs.50000.00.

Let us try to understand this provision of higher deduction of TDS under section 206AB with the help of a case study on the date when the provision will be applicable i.e., on 1st. July 2021: –

X is a person whose TDS is to be deducted. During the Financial year ended on 31st March 2019 and 31st March 2020, in each year the TDS+TCS deducted/Collected from X was more than Rs.50000.00. Please note that for both the financial years the TDS/TCS should be more than Rs. 50000.00. If in one year out of these two the TDS/TCS is less than Rs. 50000.00 then there is no need to for searching whether X is filing his return or not since the provision of section 206AB are not applicable in that case.

Since for both the years the TDS/TCS figures are more than Rs. 50000.00 then we have to see whether X has filed his ITR for the year ending on 31/03/2019 or not. If he has filed then since the return of one year is field out of these two years then again, the provisions of section 206AB are not applicable but if the ITR for the year ending on 31/03/2019 is not filed by X then we have to see the ITR for the year ending on 31/03/2020. If this return is filed then also the provisions of section 206AB will not be applicable and the rate of TDS will be normal but the if the return for the year ending with 31/03/2020 was also not filed then section 206AB is applicable and the rate of TDS will be twice the rate applicable or 5% whichever is higher.

Now precisely we have to go for two previous years for which the date of filing of return under section 139(1) is expired. Since the date of filing of ITR for the financial year ending 31/03/2021 is not yet expired then we have to go for financial years ending with 31/03/2019 and 31/03/2020 and if for these two years the TDS/TCS is more than Rs. 50000.00 in each of these two years and the person has not filed his ITRs for both of these two years then the rate of TDS will be increased. If return for one year out of these two is filed then the TDS rate will be normal rate.

Let us in this provision, when will be related to the return of assessment year 2021-22 i.e., the year ending 31st March 2021, then remember that on the day the date prescribed under section 139(1) of this return expires then financial years ending with  31st March 2020 31st March 2021 will be considered  and the TDS/TCS deducted on these persons and ITRs filed for these two Financial Years will determine the rate of TDS for a  particular person and the year of 31st March 2019 will be omitted from this calculation at that point of time.

Since at present the date under section 139(1) is not expired year hence at present we have to consider the TDS/TCS and ITRs for the Financial Years 31/03/2019 and 31/03/2020.

Please note that for categorizing the "specified person" for higher rate of TDS the date under section 139(1) is the criteria only for selection of financial year taken for consideration but if returns for that financial years are filed after that date will also make the filer eligible for Normal rate of TDS.

The same provision will now be applicable on TDS of section 194Q as well and in these circumstances the tax rate will be 5% instead of 0.1%.

6. When to deposit TDS: –

This TDS has to be deposited by the 7th day of the end of the month in which the TDS is deducted. This provision is being implemented from 1st July 2021, so the first TDS of July 2021 is to be deposited by 7th August 2021 and after that till the 7th day of the next month after the end of every month. One thing to remember here is that TDS for the month of March has to be deposited by 30th April. Failure to do so will result in payment of interest as per rules as is the case with late deposited TDS.

7. When to fill the return: –

TDS return is to be filed in 26Q TDS Returns and it is to be filed on quarterly basis.

Let us see what is the due date of this TDS return: –

Quarter ending	Date of filing of Return
June	31 July
September	31 October
December	31st January
March	31st May

8. What will be the result of not deducting/depositing TDS: –

As per section 40(ia) of the Income Tax Laws an amount has been paid to a resident on which TDS is to be deducted but not deducted and if deducted and the same is not deposited before the expiry of the time provided for furnish of ITR under section 139(1) then the 30% of the amount on which TDS is to be deducted and deposited will be added to the income of that person.

This provision will also be applicable to TDS falling under section 194Q of TDS so wherever the provisions of TDS are applicable, TDS must be deposited as the amount of purchase of goods is always very high and 30% of that is added back to the income of the Assessee then the tax on such amount will be very high. So be careful and deduct and deposit the TDS keeping in mind the provision of addition of this 30% to the income.

9. When not to deduct TDS: –

In this regard, if all the conditions mentioned above are fulfilled, the buyer becomes liable to deduct TDS, even then he does not have to deduct this TDS and two such situations are there: –

(i). Where TDS is to be deducted on the transaction of this purchase under any other provision under the Income Tax Act.

(ii). When TCS is deductible under 206C (excluding TCS provisions applicable to sale of goods under section 206(C)(1H)) by the seller on that transaction, the provisions of TDS are not applicable.

Please Keep in mind here that TCS is to be deducted in any of the provisions of TCS in section 206C, except 206 (C) (1H), then TDS is not to be deducted under this section.

But this exception excludes TCS to be deducted on sale of goods which is mentioned in section 206C(1H) and this is where the relation of section 194Q and section 206C(1H) come into picture. it should be kept in mind that if any transaction on purchase of goods attracts TDS under section 194Q as well as under section 206(C)(1H), then only the buyer will deduct TDS on it and if he has deducted TDS the seller is not required to deduct TCS under section 206(C)(1H) on such transaction.

– Section 206C) (1H) of Second Proviso and Budget Memorandum Finance Bill 2021 page 76.

So please note where there is a transaction on which buyer and seller both are covered to deduct TDS and TCS respectively then it is only the buyer who has to deduct TDS and in all those cases all these buyers should inform the sellers that they are deducting the TDS and the seller should not collect the TCS on these types of transactions. The Liability of TDS is always there in this type of transaction even if the TCS is collected by the seller. So be careful in communicating properly and within time to your sellers in this situation.

Now let's look at some practical examples to understand the provisions of TDS on purchases of Goods under section 194Q: –

Example 1

X is a buyer who buys goods worth Rs 70 lakhs from a seller named Y. The annual turnover of X (buyer) in the year ended 31st March 2021 is Rs 15 crores but the annual turnover of Y (seller) is only Rs 5 crores in the same period. Payment for the goods is made after the goods are received.

-Only section 194Q is applicable on this transaction and X has to deduct 0.1% TDS from Rs.70 lakhs deducting Rs.50 lakhs in this transaction. After this, 0.1% TDS is to be deducted on every purchase made from Y till March 31, 2022, on the entire amount purchased since Rs. 50 Lakhs per dealer deduction is available only once a financial year.

Example-2

X is a buyer who buys goods worth Rs 70 lakhs from a seller named Y. The annual turnover of X (buyer) in the year ended 31st March 2021 is Rs.5 crores but the annual turnover of Y (seller) is only Rs.15 crores in the same period. Payment for the goods is made after the goods are received.

-194Q will not be applicable to this transaction because here the buyer's turnover for the year ended 31st March 2021 does not exceed Rs.10 crores but since the seller's turnover during the period was more than Rs.10 crores which is applicable under section 206C(1H) Therefore, on this transaction, at the time of payment of Rs 70 lakhs under this section, the seller will collect and deposit TCS under section 206C(1H) at the rate of 0.1% on Rs 20 lakhs after deducting Rs 50 lakhs.

Example-3

X is a buyer who buys goods worth Rs 70 lakhs from a seller named Y. The annual turnover of X (Buyer) for the year ended 31st March 2021 is Rs 15 crores and the annual turnover of Y (seller) is also Rs 20 crores in the same period. Payment for the goods is made after the goods are received.

-This is the only instance under which both the conditions of section 194Q and section 206C(1H) are satisfied because the turnover of both the buyer and the seller during the year ended March 31, 2021 was more than Rs.10 crore and the purchase of goods / The amount of payment is also more than Rs. 50 lakhs.

But keep in mind here that only TDS will be deducted on such transaction which is to be deducted by the buyer at the time of purchase of the goods. Where the provisions of TDS are applicable to the buyer and TDS is also deducted, the TCS applicable on the sale of goods under section 206C(1H) is not applicable.

One point we should keep in mind that where both the provisions are applicable under section 194Q and 206(1H) on a single transaction , as explained above then in that situation the practically the buyer should inform the seller that he is deducting the TDS under section 194Q and seller should not  collect the TCS under section 206(C)(1H) on such transaction because if TCS is Collected by the seller even then Buyer will have to deduct the TDS since there is no exemption from TDS under section 194Q on the condition that the TCS is collected under section 206(C) (1H).

How it will affect the Dealers of Big Companies: –

Big Manufacturing companies are collecting TCS under Section 206 (C) (1H) from their dealers. See all the Automobile, Electronic and other Consumer Goods companies.

Now from 1st. July 2021 the situation will change since both companies and dealers are in big categories having turnover more than 10 Crores and all the transaction of sale and purchases is More than Rs. 50 Lakhs in a Financial Year to be covered under section 194Q and 206(C) (1H). Now dealers will have to inform to the companies that they are liable to deduct TDS so companies will stop collecting TCS and it will certainly shift the working capital burden from dealers to companies

Regards,
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CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

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Section 206AB introduces higher levy of TDS on tax defaulters from 01st July 2021

(The author  Pratik Anand isa Chartered Accountant and can be contacted at capratikanand@gmail.com or Mobile: +91-9953199493)

Source: https://taxguru.in/author/pratik-anand/

Let us see one major change in TDS provisions w.e.f 01st July'2021:

1) Introduction of Sec 206AB by Budget 2021:

Finance Act 2021 introduced section 206AB to the Income Tax Act.Section 206AB has major implications on existing TDS provisions and rates.

Section 206AB states that TDS on any payment otherthan on salaryis to be deducted at twice the rates in force or 5% whichever is higher in case the recipient or deductee has not filed the returns of income (ITR) for the previous two financial years for which the time limit for filing ITR has expired and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous years.

Therefore, if the deductee/recipient has not filed his ITR for previous two financial years and his total TDS and TCS deductedis more than Rs. 50,000/- in each of the 2 previous years then deductor needs to deduct TDS at:

higher of the following rates, namely:—

(i) at twice the rate specified in the relevant provision of the Act; or

(ii) at twice the rate or rates in force; or

(iii) at the rate of five per cent.

Hence, if you are deducting TDS of any person from 01st July 2021 and if that person has not filed his ITR for the last two financial years and his/her aggregate TDS and TCS is exceeding Rs. 50,000/- then you must deduct TDS at twice the normal rate or 5% whichever is higher.

For Ex: If you are deducting TDS U/s 194C then TDS will deducted at 5% if the deductee/payee has not filed ITR for last 2 financial years and their TDS and TCS exceeds Rs. 50,000/- in each FY. (twice of 2% = 4% or 5% whichever is higher i.e 5%)

Similarly, if you are deducting TDS U/s 194J then tds will be deducted at twice the rate i.e 20% (10%*2) or 5% whichever is higher which comes out to be 20%.

The idea of the government is to extract Tax at source from persons who are not filing their IT Returns.

Ques: How will we know whether the deductee/recipient of payment is filing their ITR for previous two financial years and their TDS exceeds Rs 50,000/- in both previous Financial years?

Ans: The Govt. has come up with a utility where every person can check if their deductee/payee is a specified person on whom higher rate of TDS is applicable.

If a person is a 'specified person' then higher rate as mentioned above shall be required to be deducted for such person.

You can also take a declaration or an undertaking from all the persons of which you are liable to deduct Tax in respect of the same but please note that a declaration or undertaking is no substitute for checking if the person is a specified person from the Govt. prescribed utility.

Ques: What if a specified person on whom higher rate is to be deducted does not have a PAN?

Ans: Income Tax Act prescribes TDS at 20% where PANis not available.

This new section clearly states that TDS will be deducted at rate prescribed in this section or 20% whichever is higher.

Ques: Whether similar provisions are available in case of Tax Collected at Source (TCS)?

Ans: Yes,budget 2021 has introduced similar provisions in TCS where higher rate of TCS is to be collected from 'specified person' who has not filed ITR of two previous financial years and total TDS and TCS exceeds Rs. 50,000/- vide section 206CCA.

Ques: ITR for which FY should be filed to determine whether higher TDS is to be deducted or not.

Ans: For FY 2021-22, ITRS for FYs 2019-20 and FY 2018-19 need to be checked. Therefore, if any person has filed ITRs for FY 2019-20 and FY 2018-19 then higher rate of TDS is not applicable on such person.

ITR for FY 20-21 will not be checked for this purpose as the time limit for filing such return has not expired yet.

Ques: If a person has not filed ITRs for preceding two Financial years, whether it is certain that TDS at higher rate will be deducted?

Ans: Section 206AB/206CCAprescribe two conditions for deduction of tax at higher rate. Along with filing ITR for previous two financial years, the total aggregate TDS and TCS of the deductee/payee/recipient of payment should also be Rs. 50,000/- or more in each of the two previous financial years.

Therefore, if the payee/deductee does not have total aggregate TDS and TCS of Rs. 50,000/- or more during each of the two previous financial years then TDS will not be deducted at higher rates even if such payee/deductee has not filed his ITR for previous two financial years.

Ques: Whether aggregate of TDS and TCS of Rs. 50,000/- is for the payment on which TDS rate is to be checked or is it total TDS and TCS of the payee/deductee during the FY on all amounts received by him?

Ans: Total TDS and TCS of the payee/deductee on aggregate of all amounts received by him during the FY is to be checked.Therefore, total TDS/TCS showing in form 26AS of the deductee for the financial year is to be considered for the purpose of this section.

TDS/TCS amount on thatparticular payment is not to be considered for determining higher rate of TDS on such payment.

Ques: What type of declaration can we take from the deductee/payee?

Ans: Sample Declaration can be as follows:

Sample format of Self-Declaration is mentioned below:

(On the letter-head of entity)

Dear XXXX (Deductor's/Collector's Name)

Sub: Declaration regarding filing of Income Tax Returns for past years 

This letter is to inform you that Finance Act 2021 has introduced new provision w.e.f. 1st July 2021 vide section 206AB/206CCA under Income Tax Act 1961 for deducting/collecting TDS/TCS at higher rate for non-filing income tax return (ITR) which is otherwise required to be furnished under section 139 (1) of the Income Tax Act,1961.

In this regard, I/We_________________ , having PAN:___________  , hereby declare that I/We have duly filed our Income Tax Return for two previous years immediately preceding the previous year in which tax is required to be deducted/collected for which time limit for filing u/s 139(1) has expired and hence TDS/TCS should not be deducted/collected at a higher rate.

Details of ITR filling has been mentioned below

Assessment Year	Acknowledgement Number	Date of Filing

Further, we do hereby declare that what is stated above is true and correct to the best of my/our knowledge and belief. In case there is any tax liability, interest or penalty imposed on you or your organisation on account of this representation/declaration in future, I/we undertake to fully indemnify you/organisation for the same.

Thanks,

For                          

Name of Authorized Signatory with Designation & Signature

Once again please note that a declaration or undertaking is no substitute for checking if the person is a specified person from the Govt. prescribed utility.

Ques: Is there any person on whom the provisions of this section do not apply?

Ans: Yes, the provisions of this section do not apply to a non-resident who does not have a permanent establishment in India.

Ques: Are there any payments on which tax is deducted but higher rate as per this section are not applicable?

Ans: Yes, as mentioned earlier this section does not apply on payments of salary. Since there is no fixed rate for deduction of tax on salary.

Other than salary, this section is also not applicable on:

• Section 192A – Payment of accumulated balance due to an employee
• Section 194B – Winnings from lottery or crossword puzzle
• Section 194BB – Winning from a horse race
• Section 194LBC – Income in respect of investment in securitisation trust
• Section 194N – Payments of certain amount/amounts in cash

Ques: Where can Ifind the procedure for checking who is a specified person for the purpose of higher deduction of TDS?

Ans: The detailed procedureis given under Notification No. 01 of 2021 issued by CBDT Directorate of income tax(systems).

The detailed procedure is also available on the reporting portal of the IT Deptt.(https://report.insight.gov.in).

The output result will say if a person is a specified person for this section.

Specified Person u/s 206AB & 206CCA: The response options are Yes (PAN is a specified person as per section 206AB/206CCA as on date) or No (PAN is not a specified person as per section 206AB/206CCA as on date).

If response is yes, then higher rate needs to be deducted and if the answer is no then TDS will be deductible at normal rates.

Regards,

-------
CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

0253-2319641. M-9423961209

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