Tax Collection at Source expanded to high value goods; revised interest, time bars, and government notification powers introduced. Amendments to section 206C substitute sub-section (1F) to require sellers of motor vehicles and other goods notified by the Central Government, above the prescribed value, to collect TCS at the time of receipt; they limit correction statements to six years from the end of the relevant financial year; permit credit to other eligible persons; bifurcate interest rates into a lower rate until tax is collected and a higher rate on collected-but-unpaid tax; insert a time bar on deeming orders under sub-section (6A); and enable government notifications to suspend or lower collection for specified persons or transactions.
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Provisions expressly mentioned in the judgment/order text.
Tax Collection at Source expanded to high value goods; revised interest, time bars, and government notification powers introduced.
Amendments to section 206C substitute sub-section (1F) to require sellers of motor vehicles and other goods notified by the Central Government, above the prescribed value, to collect TCS at the time of receipt; they limit correction statements to six years from the end of the relevant financial year; permit credit to other eligible persons; bifurcate interest rates into a lower rate until tax is collected and a higher rate on collected-but-unpaid tax; insert a time bar on deeming orders under sub-section (6A); and enable government notifications to suspend or lower collection for specified persons or transactions.
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