I/We understand that as per provisions of Section 206AB and 206CCA of the Act, any person making payment or receiving any sum from specified person will be required to deduct taxes at a rate twice the applicable rate of tax collected at source or 5% whichever is higher. Specified person means any person who has not filled the return of income for last two years preceding the financial year in which tax is required to be collected, and the tax deducted/collected(TDS/TCS) is INR 50000/- or more in each of the two preceding years.
I hereby, declare that I have done compliance to above rules and therefore I am no appearing in specified list. Normal rate of TCS/TDS applies on me.
We undertake to pay the shortfall of TDS/TCS along with interest and penalty in case our declaration turns to be incorrect and TDS/TCS was to be deducted at higher rate as per provision of section 206AB and 206CCA of the Act.
