Collection of income-tax at source under section 206C of the Income-tax Act, in respect of profits and gains from the business of trading in alcoholic liquor, forest produce, etc.--Filing of half-yearly returns--Regarding - Income Tax - 565/1990

Collection of income-tax at source under section 206C of the Income-tax Act, in respect of profits and gains from the business of trading in alcoholic liquor, forest produce, etc.--Filing of half-yearly returns--Regarding Circular No. 565 Dated 11/7/1990 Attention is invited to this Department's Circulars No.525 [F.No.275A/3/88-IT(B)], dated 24-11-88 [printed at [1988] 174 ITR (St.) 56] and No.535 [F.No.275A/6/89-IT(B)], dated 26.6.89 [printed at [1989] 178 ITR (St.) 60] wherein the provisions relating to collection of income-tax at source under section 206C of the Income-tax Act in respect of profits and gains from the business of trading in alcoholic liquor, forest produce, etc., were communicated. 2. According to sub-section (5A) of section 206C, every person collecting tax in accordance with the provisions of the said section shall prepare half-yearly returns for the period ending on 30th September and 31st March in each financial year and deliver or cause to be delivered to the prescribed income-tax authority the said returns in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed. A new rule 37E prescribing the half-yearly returns regarding tax collected at source under section 206C(5A) and another rule 37F prescribing the income-tax authorities to whom these half-yearly returns are to be furnished, have been inserted by the Income-tax Rules, 1962, vide Notification No. S.O. 149(E), dated 19-2-90 (See Income-tax (Third Amendment) Rules, 1990: 182 ITS (St.) 137). These half-yearly returns are to be filed within one month from the end of the period to which the returns relate. 3. This may please be brought to the notice of all concerned. In case any assistance is required in this regard, the concerned Assessing Officer or the local Public Relations Officer of the Income-tax Department may be approached. 4. Copies of this Circular are available with the Director of Income-tax (RSP PR), 6th Floor, Mayur Bhawan, Connaught Circus, New Delhi. (Sd.) B.E. Alexander, Under Secretary (ITB).