TaxTMI 
TaxTMI 
Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.
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....er than under a forest lease ^106[two per cent.] (v) ^107[** **] (vi) Scrap One per cent.:] ^49[(vii) Minerals, being coal or lignite or iron ore one per cent.] ^14[Provided that every person, being a seller shall at the time, during the period beginning on the 1st day of June, 2003 and ending on the day immediately preceding the date on which the Taxation Laws (Amendment) Act, 2003 comes into force, of debiting of the amount payable by the buyer to the account of the buyer or of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of any goods of the nature specified in column (2) of the Table as it stood immediately before the 1st day of June, 2003, a sum equal to the percentage, specified in the corresponding entry in column (3) of the said Table, of such amount as income-tax in accordance with the provisions of this section as they stood immediately before the 1st day of June, 2003.]] ^108[Explanation.--For the purposes of this sub-section, "forest produce" shall have the same meaning as defined in any State Act for the time being i....
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....mineral oil" includes petroleum and natural gas.] (1D) ^70[****] (1E) ^67[^71[****] ^97[(1F) Every person, being a seller, who receives any amount as consideration for sale of- (i) a motor vehicle; or (ii) any other goods, as may be specified by the Central Government by notification in the Official Gazette, of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent. of the sale consideration as income-tax.]] ^79[(1G) Every person,-- (a) being an authorised dealer, who receives an amount, for remittance ^87[****] from a buyer, being a person remitting such amount ^87A[****] under the Liberalised Remittance Scheme of the Reserve Bank of India; (b) being a seller of an overseas tour programme package, who receives any amount from a buyer, being the person who purchases such package, shall, at the time of debiting the amount payable by the buyer or at the time of receipt of such amount from the said buyer, by any mode, whichever is earlier, collect from the buyer, a sum equal to ^91[five] per cent. of such amount as income-tax: Provided that the autho....
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....ogramme package" means any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto. (1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 per cent. of the sale consideration exceeding fifty lakh rupees as income-tax: Provided that if the buyer has not provided the Permanent Account Number or the Aadhaar number to the seller, then the provisions of clause (ii) of sub-section (1) of section 206CC shall be read as if for the words "five per cent.", the words "one per cent." had been substituted: Provided further that the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act o....
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.... to be delivered to the prescribed income-tax authority, or the person authorised by such authority, such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.] ^63[(3A) In case of an office of the Government, where the amount collected under sub-section (1) or sub-section (1C) ^72B[****] has been paid to the credit of the Central Government without the production of a challan, the Pay and Accounts Officer or the Treasury Officer or the Cheque Drawing and Disbursing Officer or any other person, by whatever name called, who is responsible for crediting such tax to the credit of the Central Government, shall deliver or cause to be delivered to the prescribed income-tax authority, or to the person authorised by such authority, a statement in such form, verified in such manner, setting forth such particulars and within such time as may be prescribed. (3B) The person referred to in the proviso to sub-section (3) may also deliver to the prescribed authority under the said proviso, a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement de....
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....ient so to do, frame a scheme for the purposes of filing such returns with such other authority or agency referred to in this sub-section.] ^30[(5B) Without prejudice to the provisions of sub-section (5A), any person collecting tax, other than in a case where the seller is a company, the Central Government or a State Government, may at his option, deliver or cause to be delivered such return to the prescribed income-tax authority in accordance with such scheme as may be specified by the Board in this behalf, by notification in the Official Gazette, and subject to such conditions as may be specified therein, on or before the prescribed time after the end of each financial year, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media (hereinafter referred to as the computer media) and in the manner as may be specified in that scheme: Provided that where the person collecting tax is a company or the Central Government or a State Government, such person shall, in accordance with the provisions of this section, deliver or cause to be delivered, within the prescribed time after the end of each financial year, such returns on computer media under ....
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.... (ii) has taken into account such amount for computing income in such return of income; and (iii) has paid the tax due on the income declared by him in such return of income, and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed:] ^55[Provided further that] no penalty shall be charged under section 221 from such person unless the Assessing Officer is satisfied that the person has without good and sufficient reasons failed to collect and pay the tax.] (7) Without prejudice to the provisions of sub-section (6), if the ^40[person responsible for collecting tax] does not collect the tax or after collecting the tax fails to pay it as required under this section, he shall be liable to pay simple ^100[interest- (a) at the rate of one per cent. for every month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which such tax is collected; and (b) at the rate of one and one-half per cent. for every month or part thereof on the amount of such tax from the date on which such tax was collected to the date on which such tax is actually paid, a....
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....tion (9) is given, the person responsible for collecting the tax shall, until such certificate is cancelled by the Assessing Officer, collect the tax at the rates specified in such certificate. ^85[(10A) In case the provisions of sub-sections (1) [except the goods referred at serial number (i) in the TABLE], ^114[(1C) or (1F)] require collection of tax at source during the period commencing from the 14th day of May, 2020 to the 31^st day of March, 2021, then, notwithstanding anything contained in these sub-sections the collection of tax shall be made at the rate being the three-fourth of the rate specified in these sub-sections.] (11) The Board may, having regard to the convenience of assessees and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (9) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.] ^103[(12) Notwithstanding anything contained in this section, no collection of tax shall be made or collection of tax shall be m....
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.... immediately preceding the financial year in which the goods of the nature specified in the Table in sub-section (1) ^78[are sold].]] ************** NOTES:- 1. Inserted vide Section 40 of the Finance Act, 1988 w.e.f. 01-06-1988 2. Substituted vide Section 34 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-06-1988 before it was read as, "Ten per cent." 3. Inserted vide Section 34 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 4. Substituted vide Section 79 of the Finance Act, 1992 w.e.f. 01-04-1992 before it was read as, "(1) Every person, being a seller referred to in section 44AC, shall, at the time of debiting of the amount payable by the buyer referred to in that section to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of any goods of the nature specified in column (2) of the Table below, a sum equal to the percentage, specified in the corresponding entry in column (3) of the said Tabl....
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....aves Fifteen per cent.]" 11. Substituted vide Section 87 of the Finance Act, 2003 w.e.f. 01-06-2003 before it was read as, "(i) a public sector company, (ii) a buyer in the further sale of such goods obtained in pursuance of such sale, or (iii) a buyer where the goods are not obtained by him by way of auction and where the sale price of such goods to be sold by the buyer is fixed by or under any State Act;" 12. Substituted vide Section 87 of the Finance Act, 2003 w.e.f. 01-06-2003 before it was read as, "(b) "seller" means the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative society." 13. Substituted vide Section 9 of the Taxation Laws (Amendment) Act, 2003 w.e.f. 08-09-2003 before it was read as, "^10[TABLE Sl. No. Nature of Goods Percentage (1) (2) (3) (i) Alcoholic liquor for human consumption and tendu leaves Ten per cent (ii) Timber obtained under a forest lease Fifteen per cent (iii) Timber obtain....
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....ed vide Section 50 of the Finance (No. 2) Act, 2004 w.e.f. 01-10-2004 before it was read as, "prepare half-yearly returns for the period ending on the 30th September and 31st March in each financial year" 28. Substituted vide Section 50 of the Finance (No. 2) Act, 2004 w.e.f. 01-10-2004 before it was read as, "prescribed income-tax authority" 29. Inserted vide Section 50 of the Finance (No. 2) Act, 2004 w.e.f. 01-10-2004 30. Substituted vide Section 50 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2005 before it was read as, "^7[(5B) Notwithstanding anything contained in any other law for the time being in force, a return filed on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media as may be specified by the Board (hereinafter referred to as the computer media) shall be deemed to be a return for the purposes of sub-section (5A) and the rules made thereunder and shall be admissible in any proceedings thereunder, without further proof of production of the original, as evidence of any contents of the original or of any fact stated therein. (5C) A return filed under s....
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....f the Finance Act, 2008 w.e.f. 01-04-2008 before it was read as, "(4) Any amount collected in accordance with the provisions of this section and paid under sub-section (3) shall be deemed as payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to him for the amount so collected on the production of the certificate furnished under sub-section (5) in the assessment made under this Act for the assessment year for which such income is assessable. ^24[Provided that where any amount is collected in accordance with the provisions of this section on or after the ^35[1st day of April, 2008] and paid under sub-section (3) to the credit of the Central Government, the amount of tax collected and specified in the statement referred to in the second proviso to sub-section (5) shall be deemed as payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to him for the amount so collected in the assessment made under this Act for the assessment year for which such income is assessable without the production of certificate.]" 45. Substituted vide Secti....
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....uyer in the retail sale of such goods purchased by him for personal consumption;]" 59. Inserted vide Section 81 of the Finance Act, 2012 w.e.f. 01-07-2012 60. Omitted vide Section 52 of the Finance Act 2013 w.e.f. 01-06-2013 before it was read as, "(excluding any coin or any other article weighing ten grams or less)" 61. Substituted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "Chief Commissioner" 62. Substituted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "Commissioner" 63. Inserted vide Section 54 of the Finance Act, 2015 w.e.f. 01-06-2015 64. Inserted vide Section 88 of the Finance Act, 2016 w.e.f. 01-06-2016 65. Substituted vide Section 88 of the Finance Act, 2016 w.e.f. 01-06-2016 before it was read as, "rupees." 66. Inserted vide Section 88 of the Finance Act, 2016 w.e.f. 01-06-2016 67. Inserted vide Section 88 of the Finance Act, 2016 w.e.f. 01-06-2016 68. Inserted vide Section 88 of the Finance Act, 2016 w.e.f.&nbs....
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.... ", other than a person referred to in sub-section (1D)," 75. Omitted vide Section 72 of the Finance Act, 2017 w.e.f. 01-04-2017 before it was read as, "(ii) sub-section (1D) ^68[or sub-section (1F)] means a person who obtains in any sale, goods of the nature specified in the said sub-section;" 76. Inserted vide Section 72 of the Finance Act, 2017 w.e.f. 01-04-2017 77. Omitted vide Section 72 of the Finance Act, 2017 w.e.f. 01-04-2017 before it was read as, "(ab) "jewellery" shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause (14) of section 2." 78. Substituted vide Section 72 of the Finance Act, 2017 w.e.f. 01-04-2017 before it was read as, "^59[or sub-section (1D)] are sold ^69[or services referred to in sub-section (1D) are provided]" 79. Inserted vide Section 95 of the Finance Act, 2020 w.e.f. 01-10-2020 80. Substituted vide Section 95 of the Finance Act, 2020 w.e.f. 01-10-2020 before it was read as, "sub-section (1) ^21[or sub-section (1C)]" 81. Substituted vide Section 95 of the Fin....
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....3 97. Substituted vide Section 70 of the Finance (No. 2) Act, 2024 w.e.f. 01-01-2025 before it was read as, "(1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent. of the sale consideration as income-tax." 98. Inserted vide Section 70 of the Finance (No. 2) Act, 2024 w.e.f. 01-04-2025 99. Inserted vide Section 70 of the Finance (No. 2) Act, 2024 w.e.f. 01-01-2025 100. Substituted vide Section 70 of the Finance (No. 2) Act, 2024 w.e.f. 01-04-2025 before it was read as, "interest at the rate of ^18[one per cent.] per month or part thereof on the amount of such tax from the date on which such tax was collectable to the date on which the tax was actually paid ^41[and such interest shall be paid" 101. Inserted vide Section 70 of the Finance (No. 2) Act, 2024 w.e.f. 01-04-2025 102. Substituted vide Sec....