What could be the potential implications in case of non compliance of Section 206AB?

  • In case of non compliance of 206AB, the TDS so deducted and deposited by the business may be less than what the law requires. This will result in disallowance of the expense in the ITR of the business and the penalty that may arise under TDS chapter of the Income Tax Act, 1961.

  • Non-compliance of 206AB is as equal to the non-compliance of lower tax deduction in other sections of TDS chapter.