TMI BlogAmendment of section 206C.X X X X Extracts X X X X X X X X Extracts X X X X ..... on, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery, 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 the sale consideration exceeds two hundred thousand rupees. ; (c) in sub-section (2), after the words, brackets, figure and letter or sub-section (1C) , the words, brackets, figure and letter or sub-section (1D) shall be inserted; (d) in sub-section (3), after the words, brackets, figure and letter or sub-section (1C) , the words, brackets, figure and letter or sub-section (1D) shall be inserted; (e) in sub-section (6A), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsee 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. ; (g) in sub-section (9), after the words, brackets, figure and letter or sub-section (1C) at both the places where they occur, the words, brackets, figure and letter or sub-section (1D) shall be inserted; (h) in the Explanation, occurring at the end, (I) for clause (a), the following clauses shall be substituted, namely: (a) accountant shall have the meaning assigned to it in the Explanation to sub-section (2) of section 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, a sum equal to the percentage, specified in the corresponding entry in column (3) of the said Table, of such amount as income-tax. It is proposed to amend the aforesaid sub-section so as to insert a new serial number (vii) relating to minerals, being coal or lignite or iron ore in the Table in said sub-section to provide for collection of tax at source at the rate of one per cent. in case of minerals, being coal or lignite or iron ore. It is further proposed to insert a new sub-section (1D) in the aforesaid section to provide th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eferred to in sub-section (1D), 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. It is also proposed to amend the Explanation to the aforesaid section so as to provide the meaning of buyer with respect to sub-section (1) and sub-section (1D) of the said section and meaning of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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