Exemptions from Tax Collection at lower rate for specified transaction [ Section 206C(12) ] - Income Tax - Ready Reckoner - Income Tax

Exemptions from Tax Collection at lower rate for specified transaction As per Section 206C(12) [ Inserted w.e.f. 01.10.2024 vide Finance (No. 2) Act, 2024 ] Notwithstanding anything contained in this section, no collection of tax shall be made or collection of tax shall be made at such lower rate in respect of specified transaction, from such person or class of persons, including institution, association or body or class of institutions, associations or bodies, as the Central Government may, by notification in the Official Gazette specify in this behalf. As per Rule 31AA(4)(viii) [ Inserted w.e.f. 16.11.2024 vide Notification No. 114/2024 dated 16.10.2024 ] The collector at the time of preparing statements of tax collected shall furnish particulars of amount received or debited on which tax was not collected or tax was collected at a lower rate in view of any notification issued under section 206C(12) .