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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961Extract ..... ( v ) Any other forest produce not being timber or tendu leaves Two 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 contai ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... mineral oil. Explanation 2.- For the purposes of Explanation 1, mineral oil includes petroleum and natural gas. ] (1D) 54 [***] (1E) 51 [ 54 [***] (1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, 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 71 [ twenty ] 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 i ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... 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 the Explanation to clause (20) of section 10; or (C) a person importing goods into India or any other person as the Central Government may, by notification in the Official Gaze ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... rised 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.] 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 for the amount so collected in a particular assessment year in accordance with the rules as may be prescribed by the Board from time to time. ] (5) Every person collecting tax in accordance with the provisions of this section shall within 13 [such period as may be prescribed from the time of debit] or receipt of the amount furnish to the buyer 14 [or licensee or lessee] to whose account such amount is ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... e 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 opportunity of rectifying the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the Assessing Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, such return sha ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... ded that in case any person, 57 [***] responsible for collecting tax in accordance with the provisions of this section, fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or lessee or on the amount debited to the account of the buyer or licensee or lessee but is not deemed to be an assessee in default under the first proviso of sub-section (6A), the interest shall be payable from the date on which such tax was collectible to the date of furnishing of return of income by such buyer or licensee or lessee. ] 69 [ Provided further that where an order is made by the Assessing Officer for the default under sub-section (6A), the interest shall be paid by the person in accordance with such order. ] (8) Where the tax has not been paid as aforesaid, after it is collected, the amount of the tax together with the amount of simple interest thereon referred to in sub-section (7) shall be a charge upon all the assets of the 28 [ person responsible for collecting tax ].] 29 [(9) Where the Assessing Officer is satisfied that the total income of the buyer 30 [or licensee or lessee] justifies the collection of the tax at any lower rate than the relevant ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... h Commission, legation, commission, consulate and the trade representation of a foreign State; or (B) a local authority as defined in Explanation to clause (20) of section 10; or (C) a public sector company which is engaged in the business of carrying passengers.] 60 [***] 36 [( b ) scrap means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons; ( c ) seller 66 [ with respect to sub-section (1) and sub-section (1F) means ] the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative society and also includes an individual or a Hindu undivided family whose total sales, gross receipts or turnover from the business or profession carried on by him exceed 67 [ one crore rupees in case of business or fifty lakh rupees in case of profession ] during the financial year immediately preceding the financial year in which the goods of the nature specified in the Table in sub-section (1) 61 [are sold].]] - Notes ;- 1. Inserted by the Finance Act, 1988 ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... 14. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 15. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 16. Substituted for 2008 by Finance Act, 2008, w.e.f. 1.4.2008.Earlier it was 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. 17. Inserted by the Finance Act, 2006, w.r.e.f. 1-4-2005. 18. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 19. Inserted by the Finance Act, 2006, w.e.f. 1-4-2006. 20. Substituted for prepare half yearly returns for the period ending on 30th September and 31st March in each financial year by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 21. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 22. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 23. Sub-sections (5B), (5C) and (5D) substituted for sub-sections (5B) and (5C) by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. Prior to their substitution, sub-sections (5B) and (5C), as inserted by the Finance Act, 1999, w.e.f 1-6-1999, read as under : (5B) Notwithstanding anything contained in any other law for the time being in force, a ret ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... ate or Provincial Act, or any company or firm or co-operative society.' 37 . Substituted for seven days by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. 38. Substituted by the Finance Act, 2008, w.e.f.1-4-2008. Prior to substitution section 4 was read as under: (4) Any amount collected in accordance with the provisions of this section and paid under sub-section (3) shall be deemed as payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to him for the amount so collected on the production of the certificate furnished under sub-section (5) in the assessment made under this Act for the assessment year for which such income is assessable : 11 [Provided that where any amount is collected in accordance with the provisions of this section on or after the 1st day of April, 12 [2008] and paid under sub-section (3) to the credit of the Central Government, the amount of tax collected and specified in the statement referred to in the second proviso to sub-section (5) shall be deemed as payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to him for the amount so collected in ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x ..... or jewellery) or providing any service] 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 such consideration,- ( i ) for bullion, exceeds two hundred thousand rupees; or ( ii ) for jewellery, exceeds five hundred thousand 49 [rupees; or]. ] 50 [ (iii) for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds two hundred thousand rupees: Provided that no tax shall be collected at source under this subsection on any amount on which tax has been deducted by the payer under Chapter XVII-B. ] (1E) Nothing contained in sub-section (1D) in relation to sale of any goods (other than bullion or jewellery) or providing any service shall apply to such class of buyers who fulfil such conditions, as may be prescribed. 55. Omitted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017. before it was read as, 42 [ or sub-section (1D) ] 56. Omitted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017. before it was read as, , other than a person referred to in sub-section (1D), 57. Omitted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017. before it was rea ..... x x x x x Extracts x x x x x Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961 x x x x x Extracts x x x x x
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