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of <h1>Income Tax Circular Clarifies 'Purchase Price' Definition and Section 44AC Amendments for Alcohol and Forest Produce Traders.</h1> The circular addresses the collection of income tax at source under section 206C of the Income-tax Act, 1961, specifically concerning profits from trading in alcoholic liquor and forest produce. It clarifies the definition of 'purchase price' in section 44AC, including excise duty and other charges, effective from the assessment year 1991-92. The Finance Act, 1990, also amends section 44AC to include co-operative societies as sellers. These changes apply to collections made during the financial year 1990-91. The circular advises contacting local tax officers for assistance and notes the availability of copies for reference.
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