Clause 8 - Amendment of section 206C. - Finance Bill, 2024

Amendment of section 206C. 8. In section 206C of the Income-tax Act, in sub-section (1G), (a) in the long line, for the word twenty , the word five shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2023; (b) in the first proviso, the words and is for the purposes of education or medical treatment shall be omitted and shall be deemed to have been omitted with effect from the 1st day of July, 2023; (c) in the second proviso, with effect from the 1st day of October, 2023, (i) for the word five , the word twenty shall be substituted and shall be deemed to have been substituted; (ii) for the words is for the purposes of , the words is for purposes other than shall be substituted and shall be deemed to have been substituted; (d) after the third proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 2023, namely: Provided also that the seller of an overseas tour programme package shall collect a sum of twenty per cent. of the amount or aggregate of amounts in excess of seven lakh rupees received from the buyer in a financial year: ; (e) after the fifth proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2023, namely: Provided also that the sum to be collected under this sub-section on or after the 1st day of July, 2023 and before the 1st day of October, 2023, shall be collected in accordance with the provisions of this sub-section as they stood on the 1st day of April, 2023. .