Applicability of Section 206AB and 206CCA w.e.f 1st July 2021:
Introduction of Section 206AB & 206CCA:The Union Budget 2021 has proposed introduction of two new Sections 206AB & 206CCA of the Income Tax Act 1961, applicable from 1st July 2021.
The primary objective of introducing these two sections were to penalize the defaulters(Specified Persons) who did not file their Income Tax returns for last two previous Assessment Years immediately prior to the current Financial Year within the specified time period.