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of <h1>Finance Act 2016 Amends Section 206C: Expands Tax Collection at Source Scope, Adds 1% Tax on High-Value Car Sales</h1> Section 206C of the Income-tax Act was amended by the Finance Act, 2016, effective June 1, 2016. The amendment expands the scope of tax collection at source to include any goods or services, excluding bullion and jewelry, when the transaction exceeds two hundred thousand rupees, unless tax has already been deducted under Chapter XVII-B. It introduces sub-sections (1E) and (1F), exempting certain buyers and mandating a 1% tax collection on motor vehicle sales exceeding ten lakh rupees. Additional clarifications were made in the Explanation section regarding the applicability of these provisions.
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