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of <h1>Income-tax Act Section 206C Amended: Dealers and Sellers Must Collect Tax on High-Value Remittances and Sales Over 50 Lakh.</h1> Section 206C of the Income-tax Act was amended effective October 1, 2020, introducing new sub-sections (1G) and (1H). Sub-section (1G) mandates authorized dealers and sellers of overseas tour packages to collect 5% income tax from buyers remitting amounts over seven lakh rupees, with certain exceptions. Sub-section (1H) requires sellers to collect 0.1% income tax on sales exceeding fifty lakh rupees, excluding exports and certain other transactions. Exemptions apply for government entities and specific buyers. The Board may issue guidelines to address implementation difficulties, and these guidelines are binding on tax authorities.
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