The Central Board of Direct Taxes (CBDT) has issued the Circular No. 10 of 2022 dated 17th May 2022 in which the changes incorporated in Section 206AB and 206CCA through Finance Act 2022 has been explained in the Circular. This circular is treated as the modification to the Circular No. 11 of 2022.
The various changes incorporated in Section 206AB and 206CCA in the definition of Specified Person through the Finance Act 2022 are as follows:-
- He has not furnished the return of income for the AY relevant to the PY immediately preceding the financial year in which tax is required to be deducted / collected. The previous year is to be counted is required to be the one whose return filing date under section 139(1) has expired.
- Aggregate of TDS / TCS is Rupees 50 thousands or more in that PY.
To view and download the Circular, click here