https://www.taxtmi.com/circulars?id=5051 Sellers must collect income-tax at source from buyers on sales of specified goods (alcoholic liquor, timber, other forest produce) at prescribed percentages at the earlier of debit or receipt. The obligation applies at the first sale and excludes public sector companies and subsequent buyers; an Assessing Officer may exempt a buyer by certificate for manufacturing use. Collected tax must be remitted within seven days, certificates issued to buyers, half-yearly returns filed in prescribed forms, and failures attract penalties, interest and potential criminal sanction; a surcharge applies for certain buyers. en-us Thu, 20 Aug 1992 00:00:00 +0530 Fri, 08 Aug 2008 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5051 Sellers must collect income-tax at source from buyers on sales of specified goods (alcoholic liquor, timber, other forest produce) at prescribed percentages at the earlier of debit or receipt. The obligation applies at the first sale and excludes public sector companies and subsequent buyers; an Assessing Officer may exempt a buyer by certificate for manufacturing use. Collected tax must be remitted within seven days, certificates issued to buyers, half-yearly returns filed in prescribed forms, and failures attract penalties, interest and potential criminal sanction; a surcharge applies for certain buyers. Circulars Income Tax Thu, 20 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5051