9911796707
TMI BlogAmendment of section 206C.X X X X Extracts X X X X X X X X Extracts X X X X ..... h, collect from the buyer, a sum equal to one per cent. of sale consideration as income-tax, if the sale consideration exceeds two hundred thousand rupees. ; (c) in sub-section (2), after the words, brackets, figure and letter or sub-section (1C) , the words, brackets, figure and letter or sub-section (1D) shall be inserted; (d) in sub-section (3), after the words, brackets, figure and letter or sub-section (1C) , the words, brackets, figure and letter or sub-section (1D) shall be inserted; (e) in sub-section (6A), (A) before the proviso, the following proviso shall be inserted, namely: Provided that any person, other than a person referred to in sub-section (1D), responsible for collecting tax in accordance with the provisions of this sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (1C) at both the places where they occur, the words, brackets, figure and letter or sub-section (1D) shall be inserted; (h) in the Explanation, occurring at the end, (I) for clause (a), the following clauses shall be substituted, namely: (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de for collection of tax at source at the rate of one per cent. in case of minerals, being coal or lignite or iron ore. It is further proposed to insert a new sub-section (1D) in the aforesaid section to provide that every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery, shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to one per cent. of sale consideration as income-tax, if the sale consideration exceeds two hundred thousand rupees. It is also proposed to amend sub-sections (2), (3) and (9) of the aforesaid section which are consequential in nature. It is also proposed to insert a new proviso to sub-section (6A) of the aforesaid section so as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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