https://www.taxtmi.com/circulars?id=4952 Collection of income-tax at source under section 206C was amended to reduce the timber rate (where not obtained by forest lease) to five percent, require half-yearly returns for collectors, and impose a Union surcharge on collections. A proviso excludes deemed profit determination for certain alcoholic liquor transactions where goods were not acquired by auction and sale price is fixed by law, removing the obligation to collect under section 206C. Collections must be deposited within seven days; failure to remit exposes the collector to prosecution and makes the seller liable where the collector omits to collect. en-us Mon, 26 Jun 1989 00:00:00 +0530 Thu, 07 Aug 2008 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4952 Collection of income-tax at source under section 206C was amended to reduce the timber rate (where not obtained by forest lease) to five percent, require half-yearly returns for collectors, and impose a Union surcharge on collections. A proviso excludes deemed profit determination for certain alcoholic liquor transactions where goods were not acquired by auction and sale price is fixed by law, removing the obligation to collect under section 206C. Collections must be deposited within seven days; failure to remit exposes the collector to prosecution and makes the seller liable where the collector omits to collect. Circulars Income Tax Mon, 26 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4952