206AB declaration
Menu: Payroll Manager > Employee Details > Edit Employee record - Declarations > 206AB tab (For Payroll Manager)
If you are a consultant or on contract with the company then you will need to provide this declaration. The option to provide this declaration will be available from 1-April but the penal tax rate of 20% will be applicable only from August payroll since the deadline for filing previous year's Income Tax return is 31-July.
Failure to provide it in time might lead to higher tax deduction. Refer to the article on "Deduction under section 206AB" for more details of the Income Tax rules.
Steps to be followed -
1. Click on "Edit" action button for the pending row
2. You will be able to provide the details for the year as shown below
If you have not filed the Income Tax Return then you will need to provide the details of the total TDS / TCS which has been deposited against your PAN number.
Based on your declarations for 2018-19 and 2019-20 your TDS liability for July 2021 will be calculated. Since 31-July is the deadline for filing the ITR for 2020-21 you will have to give the declaration for 2020-21 also by that date. In August 2021 the TDS calculation will be done based on 2019-20 and 2020-21 declarations.
Employees will not be able to make changes to submitted records.
Payroll Managers can update submitted records till the end of financial year.
For example the declaration of 2020-21 can be changed till payroll of March 2022
has not been confirmed.
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