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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2012 Updates: New 1% Tax on Minerals, Bullion, Jewelry Sales Over 200,000 Per Section 206C.</h1> Clause 79 of the Finance Bill, 2012 amends section 206C of the Income-tax Act, effective from July 1, 2012. It introduces a new serial number for minerals like coal, lignite, or iron ore, mandating a 1% tax collection at source. A new sub-section (1D) requires sellers to collect 1% income tax on cash sales of bullion or jewelry exceeding 200,000 rupees. Amendments to sub-sections (2), (3), (6A), (7), and (9) address tax collection responsibilities and conditions under which a seller is not deemed an assessee in default. Definitions for 'buyer,' 'jewelry,' and 'accountant' are clarified.
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