Clause 61 - Amendment of section 206AB - Finance Bill, 2022

Amendment of section 206AB. 61. In section 206AB of the Income-tax Act, (a) in sub-section (1), (i) for the figures, letters and word 194LBC or 194N , the figures, letters and word 194-IA, 194-IB, 194LBC, 194M or 194N shall be substituted; (ii) the brackets and words (hereafter referred to as deductee) shall be omitted; (b) in sub-section (3), for the portion beginning with the words filed the returns of income and ending with the words each of these two previous years: , the following shall be substituted, namely: furnished the return of income for the assessment year relevant to the previous year immediately preceding the financial year in which tax is required to be deducted, for which the time limit for furnishing the return of income under sub-section (1) of section 139 has expired and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in the said previous year: .