Which years are relevant for F.Y. 2021 -22 based on the definition of 'Specified Person' for the purpose of Section 206AB?

  • The specified person for the purpose of 206AB is the one who has failed to file the valid income tax return for past immediate two years; the deadline for the return has lapsed and the total aggregate TDS / TCS is more than INR 50,000/- in a year.
  • For the context of F.Y. 2021-22, Specified Person shall mean those persons who have not filed their Income Tax Return for both the F.Y. 2018-19 & F.Y. 2019-20 and the total tax deducted/collected during each of F.Y. 2018-19 & F.Y. 2019-20 were INR 50,000/- or more.