Clause 44 - Amendment of section 206C - FINANCE BILL, 2010

CHAPTER III

DIRECT TAXES

Income-tax

 

 

Amendment of section 206C.

44. In section 206C of the Income-tax Act, in sub-section (5),—

(a) the first proviso shall be omitted;

(b) in the second proviso, for the words "Provided further", the word "Provided" shall be substituted.

 

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Notes on Clauses:

Clause 44 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.

The existing provisions contained in the first proviso to subsection (5) of the aforesaid section provides that on or after 1st April, 2010, no certificate shall be required to be furnished where the tax has been collected in accordance with the provisions of the aforesaid section.

It is proposed to omit the aforesaid proviso to sub-section (5) of section 206C of the Income-tax Act.

This amendment will take effect retrospectively from 1st April, 2010.