Tax collection at source: rates cut for forest produce, thresholds increased and certain collection provisions suspended. Amendments to section 206C revise collection at source: timber and other forest produce (excluding tendu leaves) are reclassified in the Table and taxed at two per cent; an Explanation adopts State Act or Indian Forest Act definitions of 'forest produce'. Sub-section (1G) increases the monetary threshold for authorised-dealer collection and exempts remittances that are educational loans from collection. Sub-section (1H) is made inapplicable from the stated commencement and references thereto are removed; sub-section (7A) is amended to apply specified time-limit provisions of section 153 to its limitation period.
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Provisions expressly mentioned in the judgment/order text.
Tax collection at source: rates cut for forest produce, thresholds increased and certain collection provisions suspended.
Amendments to section 206C revise collection at source: timber and other forest produce (excluding tendu leaves) are reclassified in the Table and taxed at two per cent; an Explanation adopts State Act or Indian Forest Act definitions of "forest produce". Sub-section (1G) increases the monetary threshold for authorised-dealer collection and exempts remittances that are educational loans from collection. Sub-section (1H) is made inapplicable from the stated commencement and references thereto are removed; sub-section (7A) is amended to apply specified time-limit provisions of section 153 to its limitation period.
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