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of <h1>Finance Act 2024 Amends Section 206C: New Tax Rules for Sellers, Interest Rate Revisions, and Correction Limits</h1> Section 206C of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024, effective from January 1, 2025. Sellers must collect 1% income tax on sales exceeding ten lakh rupees for motor vehicles or other specified goods. From April 1, 2025, correction statements cannot be submitted after six years from the related financial year. Interest rates on unpaid taxes are revised, and no default orders can be made after six years or two years post-correction statement submission. Effective October 1, 2024, certain transactions may be exempt or taxed at a lower rate as specified by the Central Government.
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