Tax collection at source on specified goods requires sellers to collect, remit promptly, issue certificates and file returns. Collection of tax at source is required on receipts from trading in specified goods - alcoholic liquor (excluding Indian-made foreign liquor), timber and other forest produce - by sellers at the time of debiting the buyer's account or on receipt of payment. Preserved rates are subject to a surcharge where the buyer is a domestic company or otherwise. Sellers must remit collected tax within seven days, issue collection certificates within ten days, and file prescribed half yearly returns; failures attract penalties, interest and possible criminal sanction for non payment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax collection at source on specified goods requires sellers to collect, remit promptly, issue certificates and file returns.
Collection of tax at source is required on receipts from trading in specified goods - alcoholic liquor (excluding Indian-made foreign liquor), timber and other forest produce - by sellers at the time of debiting the buyer's account or on receipt of payment. Preserved rates are subject to a surcharge where the buyer is a domestic company or otherwise. Sellers must remit collected tax within seven days, issue collection certificates within ten days, and file prescribed half yearly returns; failures attract penalties, interest and possible criminal sanction for non payment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
