9911796707
TMI BlogAmendment of section 206C.X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing proviso shall be inserted with effect from the 1st day of April, 2025, namely: 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. ; (c) in sub-section (4), after the words such person , the words or any other person eligible for credit shall be inserted with effect from the 1st day of January, 2025; (d) with effect from the 1st day of April, 2025, (i) in sub-section (7), for the words interest at the rate of one per cent. per month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was actually paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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. . - Clause 70 of the Bill seeks to amend section 206C of the Income-tax Act relating to profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. It is proposed to substitute sub-section (1F) of the said section to extend its scope to, inter alia, provide that every person, being a seller, who receives any amount as consideration for sale of any other goods of value exceeding ten lakh rupees, as may be n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the credit of the Central Government, then he shall be liable to pay interest at the rate of one per cent. for every month or part of month 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. It is also proposed to amend the said sub-section so as to increase the rate of simple interest from one per cent. to one and one-half per cent. if the person responsible for collecting tax, after collecting the tax fails to pay it as required under this section. It is also proposed to insert a new sub-section (7A) to the said section so as to provide that 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 an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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