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<h1>Collection at source: sellers must collect prescribed tax percentages on specified goods and high value transactions at payment.</h1> Section 206C mandates collection at source by sellers: collect prescribed percentages of income-tax at time of debit or receipt on specified goods and transactions (including alcoholic liquor, tendu leaves, timber, forest produce, scrap, certain minerals, leases of parking/toll/mining rights, and specified high-value sales). Collectors must remit amounts within prescribed time, furnish certificates and statements to buyers or licensees, and deliver declarations to tax authorities. Failure to collect or remit attracts deeming as assessee in default, payment of tax and prescribed interest, subject to limited exceptions and authority to issue lower-rate certificates and Board rules.
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