Tag Archives: #TaxpayerDeclaration

What is the declaration towards Section 206AB of income tax?

Declaration of Section 206AB

Declaration of Section 206AB   Declaration of section 206AB, Section 206AB of the Income Tax Act, 1961, was implemented as part of the Union Budget 2021 and has been in effect since July 1, 2021. This provision mandates designated individuals to withhold tax at an increased rate on particular payments made to individuals who have… Read More »

If a taxpayer does not pay any taxes, can they still maintain their “taxpayer” status Taxpayer status?

Taxpayer status

Taxpayer status    Taxpayer status,  The term “taxpayer” seems straightforward at first glance: an individual or entity that pays taxes. However, tax law and definitions within the tax system are often more nuanced than they initially appear. The question of whether a person or entity can still be considered a “taxpayer” even if they do… Read More »