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of <h1>Section 206C establishes tax collection at source for alcoholic liquor forest produce and scrap sales</h1> The Finance Act, 1988 inserted section 206C into the Income-tax Act, establishing a collection at source mechanism effective June 1, 1988. This provision requires sellers engaged in trading alcoholic liquor, forest produce, and scrap to collect tax from buyers at specified rates: fifteen percent for alcoholic liquor and most forest produce, ten percent for timber obtained outside forest leases. Collection occurs when amounts are debited to buyer accounts or received through any payment mode, whichever is earlier. Sellers must remit collected amounts to the Central Government within seven days and provide certificates to buyers within ten days. The provision includes exemptions for goods used in manufacturing rather than trading, subject to Assessing Officer certification. Non-compliance results in liability for uncollected tax plus two percent monthly interest, with collected but unpaid amounts creating charges on seller assets.
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