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Amendment of section 206C.

Clause 71 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 71 - 71. In section 206C of the Income-tax Act,- (a) in sub-section (1D),- (A) for the words and brackets or jewellery or any other goods (other than bullion or jewellery) , the words and .....

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(I) in sub-clause (ii), the words, brackets, figure and letter or sub-section (1F) shall be omitted; (II) after sub-clause (ii), the following sub-clause shall be inserted, namely:- (iii) sub-section (1F) means a person who obtains in any sale, goods .....

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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. ; (B) clause (ab) shall be omitted. Clause 71 of the Bill seeks to amend section 206C of the In .....

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nsideration on cash sale of jewellery exceeding five lakh rupees. It is proposed to omit the said clause in view of restriction on cash transactions as proposed to be provided under section 269ST. The proposed amendment is consequential to the insert .....

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