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TMI BlogProfits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... and one-half per cent ( vi ) Scrap One per cent:] 42 [ (vii) Minerals, being coal or lignite or iron ore one per cent. ] 4 [Provided that every person, being a seller shall at the time, during the period beginning on the 1st day of June, 2003 and ending on the day immediately preceding the date on which the Taxation Laws (Amendment) Act, 2003 comes into force, of debiting of the amount payable by the buyer to the account of the buyer or of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of any goods of the nature specified in column (2) of the Table as it stood immediately before the 1st day of June, 2003, a sum equal to the percentage, specified in the corresponding entry in column (3) of the said Table, of such amount as income-tax in accordance with the provisions of this section as they stood immediately before the 1st day of June, 2003.]] 5 [(1A) Notwithstanding anything contained in sub-section (1), no collection of tax shall be made in the case of a buyer, who is resident in India, if such buyer furnishes to the person responsible for collecting tax, a declaration in w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent. of the sale consideration as income-tax. ]] 62 [ (1G) Every person, (a) being an authorised dealer, who receives an amount, for remittance 70 [ **** ] from a buyer, being a person remitting such amount 70 [ **** ] under the Liberalised Remittance Scheme of the Reserve Bank of India; (b) being a seller of an overseas tour programme package, who receives any amount from a buyer, being the person who purchases such package, shall, at the time of debiting the amount payable by the buyer or at the time of receipt of such amount from the said buyer, by any mode, whichever is earlier, collect from the buyer, a sum equal to 74 [ five ] per cent. of such amount as income-tax: Provided that the authorised dealer shall not collect the sum, if the amount or aggregate of the amounts being remitted by a buyer is less than seven lakh rupees in a financial year 75 [ **** ] : Provided further that the sum to be collected by an authorised dealer from the buyer shall be equal to 76 [ twenty ] per cent. of the amount or aggregate of the amounts in excess of seven lakh rupees remitted by the buyer in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 per cent. of the sale consideration exceeding fifty lakh rupees as income-tax: Provided that if the buyer has not provided the Permanent Account Number or the Aadhaar number to the seller, then the provisions of clause (ii) of sub-section (1) of section 206CC shall be read as if for the words five per cent. , the words one per cent. had been substituted: Provided further that the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased by him from the seller and has deducted such amount. Explanation . For the purposes of this sub-section, (a) buyer means a person who purchases any goods, but does not include, (A) the Central Government, a State Government, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; or (B) a local authority as defined in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esponsible for crediting such tax to the credit of the Central Government, shall deliver or cause to be delivered to the prescribed income-tax authority, or to the person authorised by such authority, a statement in such form, verified in such manner, setting forth such particulars and within such time as may be prescribed. (3B) The person referred to in the proviso to sub-section (3) may also deliver to the prescribed authority under the said proviso, a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under the said proviso in such form and verified in such manner, as may be specified by the authority.] 81 [Provided that no correction statement shall be delivered after the expiry of six years from the end of the financial year in which the statement referred to in the proviso to sub-section (3) is required to be delivered. ] 38 [ (4) Any amount collected in accordance with the provisions of this section and paid to the credit of the Central Government shall be deemed to be a payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to such person 82 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the prescribed time after the end of each financial year, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media (hereinafter referred to as the computer media) and in the manner as may be specified in that scheme: Provided that where the person collecting tax is a company or the Central Government or a State Government, such person shall, in accordance with the provisions of this section, deliver or cause to be delivered, within the prescribed time after the end of each financial year, such returns on computer media under the said scheme. (5C) Notwithstanding anything contained in any other law for the time being in force, a return filed on computer media shall be deemed to be a return for the purposes of sub-section (5A) and the rules made thereunder and shall be admissible in any proceedings made thereunder, without further proof of production of the original, as evidence of any contents of the original or of any facts stated therein. (5D) Where the Assessing Officer considers that the return delivered or caused to be delivered under sub-section (5B) is defective, he may intimate the defect to the person collecting tax and give him an opp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... collecting the tax fails to pay it as required under this section, he shall be liable to pay simple 83 [ interest (a) at the rate of one per cent. for every month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which such tax is collected; and (b) at the rate of one and one-half per cent. for every month or part thereof on the amount of such tax from the date on which such tax was collected to the date on which such tax is actually paid, and such interest shall be paid ] before furnishing the quarterly statement for each quarter in accordance with the provisions of sub-section (3)]. 84 [ (7A) No order shall be made under sub-section (6A) deeming a person to be an assessee in default for failure to collect the whole or any part of the tax from any person, at any time after the expiry of six years from the end of the financial year in which tax was collectible or two years from the end of the financial year in which the correction statement is delivered under sub-section (3B), whichever is later. ] 42 [Provided that in case any person, 57 [***] responsible for collecting tax in accordance with the provisions of this section, f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant of a certificate under sub-section (9) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.] 34 [ Explanation.- For the purposes of this section,- 44 [ ( a ) accountant shall have the meaning assigned to it in the Explanation to sub-section (2) of section 288; ( aa ) buyer with respect to- ( i ) sub-section (1) means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include,- ( A ) a public sector company, the Central Government, a State Government, and an embassy, a High Commission, legation, commission, consulate and the trade representation, of a foreign State and a club; or ( B ) a buyer in the retail sale of such goods purchased by him for personal consumption; (ii) 58 [***] 59 [(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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Substituted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Prior to its substitution, proviso read as under : Provided that where the Assessing Officer, on an application made by the buyer, gives a certificate in the prescribed form that to the best of his belief any of the goods referred to in the aforesaid Table are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes, the provisions of this sub-section shall not apply so long as the certificate is in force. 5. Inserted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. 6. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 7. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 8 . Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 9. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 10. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 11. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 12. Substituted for 2006 by the Finance Act, 2006, w.e.f. 1-4-2006. Earlier 2006 was substituted for 2005 by the Finance Act, 2005, w.e.f. 1-4-2005. 13. Substituted for ten days from the date of debit by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arlier the quoted words were substituted for two by the Finance Act, 2001, w.e.f. 1-6-2001. 27. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006. 28. Substituted for seller by the Finance Act, 2006, w.e.f. 1-4-2007. 29. Sub-sections (9), (10) and (11) inserted by the Finance Act, 1999, w.e.f. 1-6-1999. 30. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 31. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 32. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 33. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 34. Inserted by the Finance Act, 1992, w.e.f. 1-4-1992. 35. Substituted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Earlier sub-clauses (i) and (ii), as substituted for sub-clauses (i), (ii) and (iii) by the Finance Act, 2003, w.e.f. 1-6-2003, read as under : (i) a public sector company, or (ii) a buyer in the retail sale of such goods obtained in pursuance of such sale; 36. Clauses (b) and (c) substituted for clause (b) by the Finance Act, 2003, w.e.f. 1-6-2003. Prior to its substitution, clause (b) read as under : '(b) seller means the Central Government, a State Government or any local authority or corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Government, and an embassy, a high commission, legation, commission, consulate and the trade representation, of a foreign State and a club; or ( ii ) a buyer in the retail sale of such goods purchased by him for personal consumption;] 45. Omitted vide the Finance Act 2013 w.e.f. 1st day of June, 2013 , before it was read as, (excluding any coin or any other article weighing ten grams or less) 46 . Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 47. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015 48. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 49.Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016, before it was read as rupees. 50.Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 51.Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 52.Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 53.Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 54. Omitted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017. before it was read as, 42 [ (1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion 45 [***] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as in accordance with the provisions of this section 66. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as means 67. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as the monetary limits specified under clause ( a ) or clause ( b ) of section 44AB 68. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 14-05-2020 69. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 70. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-07-2023 before it was read as, out of India 71. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-07-2023 before it was read as, five 72. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-07-2023 before it was read as, and is for a purpose other than purchase of overseas tour programme package 73. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-07-2023 before it was read as, is for a purpose other than purchase of overseas tour programme package 74. Substituted vide THE FINANCE ACT, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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