Section 206AB
Definition
A provision requiring tax to be deducted at a higher rate when the payee has not filed income-tax returns as specified, intended to push non-filers into compliance. A companion provision applies to TCS.
Related Terms in India GST
Income Tax Slab
The bands of income taxed at progressively higher rates under India's individual income tax. The slab rates differ between the old and new regimes and are set by the Finance Act each year.
Rebate under Section 87A
A rebate that reduces or eliminates income tax for resident individuals whose total income is within a prescribed limit, effectively making income up to that level tax-free. The limit differs by regime and year.
Surcharge (Income Tax)
An additional charge on income tax applied to taxpayers whose income exceeds high thresholds in India, levied as a percentage of the tax itself and rising in steps with income.
Health and Education Cess
A cess levied as a percentage on the income tax (plus surcharge) payable in India, earmarked for health and education spending. It applies on top of the computed tax for most taxpayers.
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