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of <h1>Finance Bill 2024: Amendments to Section 206C Expand Tax Collection, Introduce Time Limits, and Adjust Interest Rates</h1> Clause 70 of the Finance (No. 2) Bill, 2024, proposes amendments to section 206C of the Income-tax Act. The amendments include expanding the scope of sub-section (1F) to require sellers to collect 1% income tax on sales exceeding ten lakh rupees, effective January 1, 2025. Sub-section (3B) is amended to restrict correction statement submissions to within six years, effective April 1, 2025. Changes to sub-section (4) allow credit for tax collection to eligible persons from January 1, 2025. Interest rates in sub-section (7) are adjusted, and sub-section (7A) introduces a time limit for deeming default, effective April 1, 2025. Sub-section (9) is expanded to include sub-section (1H), and sub-section (12) allows specified exemptions, effective October 1, 2024.
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