Clause 67 - Amendment of section 206C. - Finance Bill, 2025

Amendment of section 206C. 67. In section 206C of the Income-tax Act, (a) in sub-section (1), (i) in the Table, (A) against serial number (iii), (I) in column (2), for the word Timber , the words and brackets Timber or any other forest produce (not being tendu leaves) shall be substituted; (II) in column (3), for the words two and onehalf per cent. , the words two per cent. shall be substituted; (B) against serial number (iv), in column (3), for the words two and one-half per cent. , the words two per cent. shall be substituted; (C) serial number (v) and the entries relating thereto shall be omitted; (ii) after the proviso, the following Explanation shall be inserted, namely: Explanation . For the purposes of this sub-section, forest produce shall have the same meaning as defined in any State Act for the time being in force, or in the Indian Forest Act, 1927 (16 of 1927.). ; (b) in sub-section (1G), (i) in the first, second and fourth provisos, for the words seven lakh rupees wherever they occur, the words ten lakh rupees shall be substituted; (ii) for the third proviso, the following proviso shall be substituted, namely: Provided also that the authorised dealer shall not collect the sum if the amount being remitted out is a loan obtained from any financial institution as defined in clause (b) of sub-section (3) of section 80E, for the purpose of pursuing any education: ; (c) in sub-section (1H), after the second proviso, the following proviso shall be inserted, namely: Provided also that nothing contained in the provisions of this sub-section shall apply from the 1 st day of April, 2025. ; (d) in sub-section (7A), the following proviso shall be inserted, with effect from the 1st April, 2025, namely: Provided that the provisions of sub-sections (3), (5) and (6) of section 153 and Explanation 1 thereof shall, so far as may be, apply to the time limit specified in this sub-section. ; (e) in sub-section (9), for the words, brackets, figures and letters , sub-section (1C) or sub-section (1H) at both the places where they occur, the words, brackets, figure and letter or sub-section (1C) shall be substituted; (f) in sub-section (10A), for the brackets, figures, letters and word (1C), (1F) or (1H) , the brackets, figures, letters and word (1C) or (1F) shall be substituted.