New provision namely Section 206AB has been added by Finance Act 2021 which shall come into force from 1 July, 2021. The said section provides that if any amount is being paid to the specified person, then tax shall be deducted at higher of the following rates:
- At twice the rate specified in the relevant provision of the Act
- At twice the rate or rates in force; or
- At the rate of 5%
Comparative analysis of the above said new sections has been attached below for reference.