CBDT Excludes ‘RBI’ from List of Specified Persons for Higher Tax Deduction/Collection u/s 206AB and 206CCA
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- Last Updated on 31 May, 2024
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S.O. 2106(E) & S.O. 2107(E), dated 27-05-2024
Section 206AB and Section 206CCA provide that tax shall be deducted or collected at a higher rate in case of specified person being non-filers of return. Further, Proviso to sections 206AB(3) & Section 206CCA also provides that the specified person shall not include a non-resident without a permanent establishment in India or a person not required to furnish the return of income for the relevant assessment year, as notified by the Central Government.
Exercising such power, the Central Board of Direct Taxes (CBDT) has excluded the Reserve Bank of India (RBI) from the list of specified person for the purpose of deduction or collection of tax at source under sections 206AB and 206CCA.
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