Finance Act, 2021 has introduced Section 206AB and 206CCA to the Income-tax Act which has been made applicable from 1st July, 2021.
The said section provides that while making payment to a ‘specified person’, TDC/TCS has to be deducted/collected at the rates specified in section 206AB and 206CCA of the Act respectively.
To ease the compliance on the Deductor/ Collector, the Income-tax Department has introduced a functionality on the e-filing portal, wherein the deductors/collectors can check whether a person is a ‘specified person’ under the Act by way of a ‘Compliance Check report’.
The process to download the Compliance Check Report is attached herein for your ease of reference.
