Collection at source on specified goods requires sellers to collect tax from buyers, yielding immediate credit upon certificate. The Act revises income-tax and allied laws by fixing new rates and surcharges, updating withholding and collection-at-source rules (including mandatory collection by sellers of specified goods and certificate-based credit), and adding substantive provisions such as a five-year exemption window for newly established hundred per cent. export-oriented undertakings. It empowers Settlement Commissions to order provisional attachments to protect revenue, prescribes penal consequences for failure to remit collected tax, and inserts deeming and costing rules for amalgamation, trading profits and computation of net agricultural income, alongside administrative reassignments of tax authorities.
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.
Collection at source on specified goods requires sellers to collect tax from buyers, yielding immediate credit upon certificate.
The Act revises income-tax and allied laws by fixing new rates and surcharges, updating withholding and collection-at-source rules (including mandatory collection by sellers of specified goods and certificate-based credit), and adding substantive provisions such as a five-year exemption window for newly established hundred per cent. export-oriented undertakings. It empowers Settlement Commissions to order provisional attachments to protect revenue, prescribes penal consequences for failure to remit collected tax, and inserts deeming and costing rules for amalgamation, trading profits and computation of net agricultural income, alongside administrative reassignments of tax authorities.
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