TMI BlogAmendment of section 206C.X X X X Extracts X X X X X X X X Extracts X X X X ..... (b ) being a seller of an overseas tour program 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 five per cent. of such amount as income-tax: Provided that the provisions of this sub-section shall not apply, if the buyer is, (i ) liable to deduct tax at source under any other provision of this Act and has deducted such amount; (ii ) the Central Govern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 and has deducted such amount. Explanation . For the purposes of this sub-section, ( a ) buyer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (IV ) in sub-section (6A ), in the first proviso, for the words in accordance with the provisions of this section , the words, brackets, figures and letter in accordance with the provisions of sub-section (1 ) and sub-section (1C ) shall be substituted; (V ) in the Explanation, in clause (c ), (i ) for the word means , the words, brackets, figures and letter with respect to sub-section (1 ) and sub-section (1F ) means shall be substituted; (ii ) for the words, brackets, letters and figures the monetary limits specified under clause (a ) or clause (b ) of section 44AB , the words one crore r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed 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 such interest is credited or paid, shall be liable to deduct income-tax under the said section. It is further proposed to insert a new sub-section (1G) in the said section so as to provide that every person being an authorised dealer, who receives any amount, or an aggregate of amounts, of seven lakh rupees or more in a financial year for remittance out of India under the Liberalised Remittance Scheme of the Reserve Bank of India from a buyer, being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us year, other than the goods covered in sub-section (1) or sub-section (1F) or (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. It is further provided that in case the buyer does not furnishes his PAN or Aadhaar number to the seller, then the tax shall be collected by the seller at the rate of one per cent. Further, the provision of this sub-section shall not apply if the buyer is liable to deduct tax at source under any other provision of the Act and he has deducted such amount. It is also proposed to define the terms buyer and seller . It is also proposed to amend sub-section (2) of the said section so as t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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