9911796707
TMI BlogAmendment of section 206C.X X X X Extracts X X X X X X X X Extracts X X X X ..... ii) after the proviso, the following Explanation shall be inserted, namely:-- 'Explanation.--For the purposes of this sub-section, "forest produce" shall have the same meaning as defined in any State Act for the time being in force, or in the Indian Forest Act, 1927 (16 of 1927.).'; (b) in sub-section (1G),-- (i) in the first, second and fourth provisos, for the words "seven lakh rupees" wherever they occur, the words "ten lakh rupees" shall be substituted; (ii) for the third proviso, the following proviso shall be substituted, namely:-- "Provided also that the authorised dealer shall not collect the sum if the amount being remitted out is a loan obtained from any financial institution as defined in clause (b) of sub-section (3) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... collect from the buyer of any goods of the nature as specified, a sum equal to the percentage specified therein, of such amount as income-tax. In case of timber obtained under a forest lease and timber obtained by any mode other than under a forest lease, the rate for tax collection at source is two and one-half per cent. It is proposed to amend sub-section (1) of the said section so as to provide that for timber or any other forest produce (not being tendu leaves) obtained under a forest lease and on timber obtained by any mode other than under a forest lease, tax will be required to be collected at source at the rate of two per cent. It is further proposed to amend the Table in the said sub-section to omit serial number (v) and to provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... collect from the buyer a sum equal to 0.1% of the sale consideration exceeding fifty lakhs rupees as income-tax, subject to certain conditions. It is proposed to amend the said sub-section so as to insert a proviso to provide that the provisions of this sub-section shall not apply from 1st April, 2025. It is further proposed to consequentially omit references of sub-section (1H) in sub- section (9) and sub-section (10A) of the said section. Sub-section (7A) of the said section provides that no order shall be made under sub- section (6A) of the said section 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 fin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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