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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

Extract

..... ( 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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..... 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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..... 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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..... 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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..... 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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..... 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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..... 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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..... 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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..... 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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..... 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 .....

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Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961

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  1. 28/2023 - Dated: 22-5-2023 - Income Tax - Calculation of Net winnings from online games during the previous year, for the purposes of section 115BBJ - New Rule 132 inserted - TDS Form 16, certificate amended - various TDS Returns / statements amended - Income-tax (Fifth Amendment) Rules, 2023
  2. 03/2022 - Dated: 16-7-2022 - Income Tax - Electronic furnishing of Forms, Returns, Statements, Reports, orders - Annual Compliance Report on Advance Pricing Agreement - to be furnished electronically under sub-rule (1) and sub-rule (2) of Rule 131 of the Income-tax Rules, 1962.
  3. 20/2022 - Dated: 30-3-2022 - Income Tax - Provisions of sub-section (1G) of section 206C shall not apply to an individual who is not a resident in India in terms of clause (1) and clause (1A) of section 6 of the Act, and who is visiting India.
  4. 108/2021 - Dated: 10-9-2021 - Income Tax - Central Government specifies that, Air India Limited shall not be considered as ‘seller’ for the purposes of sub-section (1H) of section 206C of the IT Act 1961
  5. 54/2020 - Dated: 24-7-2020 - Income Tax - Income-tax ( 17th Amendment) Rules, 2020
  6. 35/2020 - Dated: 24-6-2020 - Income Tax - Extension of time limits under the Income-tax Act, 1961 and related Acts
  7. 10/2019 - Dated: 4-6-2019 - Income Tax - Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively.
  8. 08/2018 - Dated: 31-12-2018 - Income Tax - Procedure, format and standards for filing an application for grant of certificate for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (1) of Section 197 / collection of the tax at any lower rate under subsection (9) of Section 206C of the Income-tax Act, 1961 through TRACES
  9. 74/2018 - Dated: 25-10-2018 - Income Tax - Income–tax (Eleventh Amendment) Rules, 2018
  10. 12/2016 - Dated: 8-12-2016 - Income Tax - Procedure for the purposes of furnishing and verification of Form 27BA for removing of default of Short Collection and/or Non Collection of Tax at Source - Reg.
  11. 75/2016 - Dated: 19-8-2016 - Income Tax - Income-tax (21st Amendment) Rules, 2016 - Class or classes of buyers to whom provisions of sub-section (1D) of section 206C shall not apply
  12. 11/2016 - Dated: 22-6-2016 - Income Tax - Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively
  13. 6/2016 - Dated: 4-5-2016 - Income Tax - Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively
  14. 30/2016 - Dated: 29-4-2016 - Income Tax - Income-tax (11th Amendment) Rules, 2016
  15. 28/2009 - Dated: 16-3-2009 - Income Tax - Income-tax (Sixth Amendment) Rules, 2009 - Insertion of rule 37 BA and 37-I - Credit for tax deducted at source for the purposes of section 199 and Credit for tax collected at source for the purposes of sub-section (4) of section 206C.
  16. 238/2007 - Dated: 30-8-2007 - Income Tax - Income-tax (Tenth Amendment) Rules, 2007
  17. 210/2006 - Dated: 11-8-2006 - Income Tax - Electronic Filing of Returns of Tax Collected at Source (Amendment) Scheme, 2006.
  18. 180/2005 - Dated: 30-6-2005 - Income Tax - Scheme for furnishing of Paper-Returns of Tax Collected at Source, 2005
  19. 121/2005 - Dated: 30-3-2005 - Income Tax - Electronic Filing of Returns of Tax Collected at Source Scheme, 2005
  1. Foreign Exchange Management Act,1999
  2. Section 44AB - Audit of accounts of certain persons carrying on business or profession - Income-tax Act, 1961
  3. Section 288 - Appearance by authorised representative - Income-tax Act, 1961
  4. Section 276BB - Failure to pay the tax collected at source - Income-tax Act, 1961
  5. Section 272A - Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. - Income-tax Act, 1961
  6. Section 271H - Penalty for failure to furnish statements, etc. - Income-tax Act, 1961
  7. Section 246A - Appealable orders before Commissioner (Appeals) - Income-tax Act, 1961
  8. Section 244A - Interest on refunds - Income-tax Act, 1961
  9. Section 234E - Fee for default in furnishing statements - Income-tax Act, 1961
  10. Section 231 - Faceless collection and recovery of tax - Income-tax Act, 1961
  11. Section 221 - Penalty payable when tax in default - Income-tax Act, 1961
  12. Section 220 - When tax payable and when assessee deemed in default - Income-tax Act, 1961
  13. Section 206CC - Requirement to furnish Permanent Account Number by collectee. - Income-tax Act, 1961
  14. Section 206CB - Processing of statements of tax collected at source - Income-tax Act, 1961
  15. Section 206CA - Tax collection account number - Income-tax Act, 1961
  16. Section 203A - Tax deduction and collection account number - Income-tax Act, 1961
  17. Section 194Q - Deduction of tax at source on payment of certain sum for purchase of goods - Income-tax Act, 1961
  18. Section 155 - Other amendments - Income-tax Act, 1961
  19. Section 139A - Permanent account number - Income-tax Act, 1961
  20. Section 139 - Return of income - Income-tax Act, 1961
  21. Section 10(17A) to 10(23C) - Incomes not included in total income [Clause (17A) to Clause (23C)] - Income-tax Act, 1961
  22. Section 10 - Authorised person - Foreign Exchange Management Act,1999
  23. Rule 44DAD - Definitions - Income-tax Rules, 1962
  24. Rule 37J - Form for furnishing certificate of accountant under first proviso to sub-section (6A) of section 206C - Income-tax Rules, 1962
  25. Rule 37I - Credit for tax collected a source for the purposes of sub-section (4) of section 206C - Income-tax Rules, 1962
  26. Rule 37H - Certificate for collection of tax at lower rates from buyer under sub-section (9) of section 206C - Income-tax Rules, 1962
  27. Rule 37G - Application for certificate for collection of tax at lower rates under sub-section (9) of section 206C - Income-tax Rules, 1962
  28. Rule 37E - Prescribed returns regarding tax collected at source under section 206C(5A) (Omitted) - Income-tax Rules, 1962
  29. Rule 37D - Certificate of tax collected at source under section 206C(5). - Income-tax Rules, 1962
  30. Rule 37CB - Class or classes of buyers to whom provisions of sub-section (1D) of section 206C shall not apply. - Income-tax Rules, 1962
  31. Rule 37CA - Time and mode of payment to Government account of tax collected at source under section 206C. - Income-tax Rules, 1962
  32. Rule 37C - Declaration by a buyer for no collection of tax at source under section 206C(1A) - Income-tax Rules, 1962
  33. Rule 31AB - Omitted - Income-tax Rules, 1962
  34. Rule 31AA - Statement of collection of tax under proviso to sub-section (3) of section 206C. - Income-tax Rules, 1962
  35. Form No. 27BA - Form for furnishing accountant certificate under first proviso to sub-section (6A) of section 206C of the Income-tax Act, 1961
  36. Form No. 27EQ - Quarterly statement of Tax Collection at Source under section 206C of Income-tax Act, 1961 for the quarter ended June / September / December / March (Tick whichever is applicable) ..... (year)
  37. Form No. 27EA - Omitted
  38. Form No. 27E - Annual Return of Collection of tax under section 206C of I.T. Act, 1961 in respect of collections for the period ending...... (Omitted)
  39. Form No. 27D - Certificate of collection of tax at source under sub-section (5) of section 206C of the Income-tax Act, 1961
  40. Form No. 27C - Declaration under sub-section (1A) of section 206C of the Income-tax Act, 1961 to be made by a buyer for obtaining goods without collection of tax
  41. Form No. 13 - Application by a person for a certificate under sections 197 and/or 206C(9) of the Income-tax Act, 1961, for no deduction/collection of tax or deduction/ collection of tax at a lower rate
  42. Manual - Section 194Q : TDS on Purchase of GOODS
  43. Manual - Requirement to furnish Permanent Account Number by collectee - Section 206CC
  44. Manual - Section 206CA - Tax collection account number
  45. Manual - Section 206CB - Processing of statements of tax collected at source
  46. Manual - Section 203A & Rule 114A - Tax deduction and collection account number
  47. Manual - TCS on Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc - Section 206C
  48. Manual - Rates of Tax Collection at Source (TCS) for the Financial Year 2016-2017