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.