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of <h1>Amendment to Section 206C: New Tax Rules for Minerals, Bullion, and Jewelry Sales with Updated Definitions</h1> Section 206C of the Income-tax Act was amended by the Finance Act, 2012, effective July 1, 2012. Key changes include the addition of minerals like coal, lignite, and iron ore to the taxable goods list at one percent. A new sub-section (1D) mandates sellers to collect one percent income tax on cash sales exceeding certain thresholds for bullion and jewelry. Provisions were added to address tax collection failures, specifying conditions under which sellers are not deemed in default. Definitions for terms like 'accountant,' 'buyer,' and 'jewelry' were also updated to clarify the scope of the amendments.
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