Clause 71 - Amendment of section 206C. - Finance Bill, 2017

Amendment of section 206C. 71. In section 206C of the Income-tax Act,- (a) in sub-section (1D),- (A) for the words and brackets or jewellery or any other goods (other than bullion or jewellery) , the words and brackets or any other goods (other than bullion) shall be substituted; (B) clause (ii) shall be omitted; (b) in sub-section (1E), the words or jewellery shall be omitted; (c) in the Explanation occurring after sub-section (11),- (A) in clause (aa),- (I) in sub-clause (ii), the words, brackets, figure and letter or sub-section (1F) shall be omitted; (II) after sub-clause (ii), the following sub-clause shall be inserted, namely:- (iii) sub-section (1F) means a person who obtains in any sale, goods of the nature specified in the said sub-section, but does not include,- (A) the Central Government, a State Government and an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; or (B) a local authority as defined in Explanation to clause (20) of section 10; or (C) a public sector company which is engaged in the business of carrying passengers. ; (B) clause (ab) shall be omitted.