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of <h1>Finance Act 1988 Tackles Tax Evasion with Sections 44AC and 206C on Liquor and Forest Produce Sales.</h1> The circular addresses difficulties in assessing income from contracts for the sale of liquor, forest produce, etc., due to the transient nature of entities involved. To combat tax evasion, the Finance Act, 1988, introduces sections 44AC and 206C, effective from April 1, 1989, and June 1, 1988, respectively. Section 44AC deems a percentage of the purchase price as taxable income for certain goods, while section 206C mandates tax collection at source by sellers. Non-compliance results in penalties, including interest charges and potential imprisonment. The circular instructs state governments and related entities to implement these provisions and seek assistance from tax authorities if needed.
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