TMI BlogProfits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... Five per cent ( iii ) Timber obtained under a forest lease Two and one-half per cent ( iv ) Timber obtained by any mode other than under a forest lease Two and one-half per cent ( 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) (2) (3) ( i ) Parking lot Two per cent ( ii ) Toll plaza Two per cent ( iii ) Mining and quarrying Two per cent.] 7 [ Explanation 1.- For the purposes of this sub-section, mining and quarrying shall not include mining and quarrying of 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 sel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 1st day of July, 2023 and before the 1st day of October, 2023, shall be collected in accordance with the provisions of this sub-section as they stood on the 1st day of April, 2023. ] Explanation . For the purposes of this sub-section, (i) authorised dealer means a person authorised by the Reserve Bank of India under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999.) to deal in foreign exchange or foreign security; (ii) overseas tour program package means any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto. (1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) 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 e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : 10 [Provided that the person collecting tax on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this section shall, after paying the tax collected to the credit of the Central Government within the prescribed time, 39 [prepare such statements for such period as may be prescribed] and deliver or cause to be delivered to the prescribed income-tax authority, or the person authorised by such authority, such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.] 47 [(3A) In case of an office of the Government, where the amount collected under sub-section (1) or sub-section (1C) 55 [***] has been paid to the credit of the Central Government without the production of a challan, the Pay and Accounts Officer or the Treasury Officer or the Cheque Drawing and Disbursing Officer or any other person, by whatever name called, who is responsible for crediting such tax to the credit of the Central Government, shall deliver or cause to be delivered to the prescribed income-tax authority, or to the person authorised by such authority, a statement in such form, verified in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars and within such time as may be prescribed :] 22 [ Provided that the Board may, if it considers necessary or expedient so to do, frame a scheme for the purposes of filing such returns with such other authority or agency referred to in this sub-section.] 23 [(5B) Without prejudice to the provisions of sub-section (5A), any person collecting tax, other than in a case where the seller is a company, the Central Government or a State Government, may at his option, deliver or cause to be delivered such return to the prescribed income-tax authority in accordance with such scheme as may be specified by the Board in this behalf, by notification in the Official Gazette, and subject to such conditions as may be specified therein, on or before the prescribed time after the end of each financial year, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media (hereinafter referred to as the computer media) and in the manner as may be specified in that scheme: Provided that where the person collecting tax is a company or the Central Government or a State Government, such person shall, in accordance with the provisions of this section, deliver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fault in respect of such tax if such buyer or licensee or lessee- ( i ) has furnished his return of income under section 139; ( ii ) has taken into account such amount for computing income in such return of income; and ( iii ) has paid the tax due on the income declared by him in such return of income, and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed ] : 43 [Provided further that ] no penalty shall be charged under section 221 from such person unless the Assessing Officer is satisfied that the person has without good and sufficient reasons failed to collect and pay the tax.] (7) Without prejudice to the provisions of sub-section (6), if the 25 [ person responsible for collecting tax ] does not collect the tax or after collecting the tax fails to pay it as required under this section, he shall be liable to pay simple interest at the rate of 26 [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 27 [and such interest shall be paid before furnishing the quarterly statement for each quart ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce of assessees and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (9) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.] 34 [ Explanation.- For the purposes of this section,- 44 [ ( a ) accountant shall have the meaning assigned to it in the Explanation to sub-section (2) of section 288; ( aa ) buyer with respect to- ( i ) sub-section (1) means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include,- ( A ) a public sector company, the Central Government, a State Government, and an embassy, a High Commission, legation, commission, consulate and the trade representation, of a foreign State and a club; or ( B ) a buyer in the retail sale of such goods purchased by him for personal consumption; (ii) 58 [***] 59 [(iii) sub-section (1F) means a person wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r obtained by any mode other than under a forest lease Five per cent ( iv ) Any other forest produce not being timber or tendu leaves Fifteen per cent ( v ) Scrap Ten per cent : 4. Substituted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Prior to its substitution, proviso read as under : Provided that where the Assessing Officer, on an application made by the buyer, gives a certificate in the prescribed form that to the best of his belief any of the goods referred to in the aforesaid Table are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes, the provisions of this sub-section shall not apply so long as the certificate is in force. 5. Inserted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. 6. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 7. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 8 . Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 9. Inserted by the Finance (No. 2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied out and the media will be duly authenticated by the Assessing Officer; and (b) the Assessing Officer shall also take due care to preserve the computer media by duplicating, transferring, mastering or storage without loss of data. 24. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 25. Substituted for seller by the Finance Act, 2006, w.e.f. 1-4-2007. 26. Substituted for one and one-fourth by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Earlier the quoted words were substituted for two by the Finance Act, 2001, w.e.f. 1-6-2001. 27. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006. 28. Substituted for seller by the Finance Act, 2006, w.e.f. 1-4-2007. 29. Sub-sections (9), (10) and (11) inserted by the Finance Act, 1999, w.e.f. 1-6-1999. 30. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 31. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 32. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 33. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 34. Inserted by the Finance Act, 1992, w.e.f. 1-4-1992. 35. Substituted by the Taxation Laws (A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the word Provided has been substituted vide Finance Act, 2010 w.e.f. 01.04.2010. 42. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012 43. Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- Provided that 44. Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- ( a ) buyer means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include,- 35 [( i ) a public sector company, the Central Government, a State Government, and an embassy, a high commission, legation, commission, consulate and the trade representation, of a foreign State and a club; or ( ii ) a buyer in the retail sale of such goods purchased by him for personal consumption;] 45. Omitted vide the Finance Act 2013 w.e.f. 1st day of June, 2013 , before it was read as, (excluding any coin or any other article weighing ten grams or less) 46 . Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 47. Inserted vide THE FINANC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017 60. Omitted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017. before it was read as, ( ab ) jewellery shall have the meaning assigned to it in the Explanation to sub-clause ( ii ) of clause ( 14 ) of section 2. ] 61. Omitted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017. before it was read as, 42 [ or sub-section (1D) ] are sold 53 [or services referred to in sub-section (1D) are provided] 62. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 63. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as sub-section (1) 8 [or sub-section (1C) 64. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as sub-section (1) 9 [or sub-section (1C) 65.Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as in accordance with the provisions of this section 66. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as means 67. Substituted vide Finance Act, 2020 dated 27- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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