TaxTMI 
TaxTMI 
Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.
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.... Scrap One per cent:] 42[(vii) Minerals, being coal or lignite or iron ore one per cent.] 4[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.]] 91[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 in force, or in the Indian Forest Act, 1927. (16 of 1927.)] 5[(1A) Notwithstanding anything contained in sub-sectio....
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....onsideration 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.]] 62[(1G) Every person,-- (a) being an authorised dealer, who receives an amount, for remittance 70[****] from a buyer, being a person remitting such amount 70[****] 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 74[five] per cent. of such amount as income-tax: Provided that the authorised dealer shall not collect the sum, if the amount or aggregate of the amounts being remitted by a buyer is less than 92[ten lakh rupees] in a financial year 75[****]: Provided further that the sum....
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....) 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 on the goods purchased by him from the seller and has deducted such amount. 94[Provided also that nothing contained in the provisions of this sub-section shall apply from the 1st day of April, 2025.] Explanation.--For the purposes of this sub-section,-- (a) "buyer" means....
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....ion (1C) 55[***] 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 delivered under the said proviso in such form and verified in such manner, as may be specified by the authority.] 81[Provided that no correction statement shall be delivered after the expiry of six years from the end of the financial year in which the statement referred to in the proviso to sub-section (3) is required to be delivered.] 38[(4) Any amou....
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....e 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 the said scheme. (5C) Notwithstanding anything contained in any other law for the time being in force, a return filed on 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 made thereunder, without further proof of production of the original, as evidence of any contents ....
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....ing 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 25[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 83[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, and such interest shall be paid] before furnishing the quarterly statement for each quarter in accordance with the provisions of sub-section (3)]. 42[Provided that in case any person, 57[***] responsible for collecting tax in accordance with the provisions of this section, fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or lessee or on the amount debited to the account of the buyer ....
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....hstanding 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.] 34[Explanation.-For the purposes of this section,- 44[(a) "accountant" shall have the meaning assigned to it in the Explanation to sub-section (2) of section 288; (aa) "buyer" with respect to- (i) sub-section (1) means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include,- (A) a public sector company, the Central Government, a State Government, and an embassy, a High Commission, legation, commission, consulate and the trade representation....
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....o. 2) Act, 1996, w.e.f. 1-10-1996 and Finance Act, 2003, w.e.f. 1-6-2003, read as under : "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 obtained by any mode other than under a forest lease Five per cent (iv) Any other forest produce not being timber or tendu leaves Fifteen per cent (v) Scrap Ten per cent :" 4. Substituted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Prior to its substitution, proviso read as under : "Provided that where the Assessing Officer, on an application made by the buyer, gives a certificate in the prescribed form that to the best of his belief any of the goods referred to in the aforesaid Table are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes, the provisions of this sub-section shall not apply so long as the certificate is in force." 5. Inserted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. 6. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 7. ....
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....sp; while receiving returns on computer media, necessary checks by scanning the documents filed on computer media will be carried out and the media will be duly authenticated by the Assessing Officer; and (b) the Assessing Officer shall also take due care to preserve the computer media by duplicating, transferring, mastering or storage without loss of data." 24. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 25. Substituted for "seller" by the Finance Act, 2006, w.e.f.1-4-2007. 26. Substituted for "one and one-fourth" by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Earlier the quoted words were substituted for "two" by the Finance Act, 2001, w.e.f. 1-6-2001. 27. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006. 28. Substituted for "seller" by the Finance Act, 2006, w.e.f.1-4-2007. 29. Sub-sections (9), (10) and (11) inserted by the Finance Act, 1999, w.e.f. 1-6-1999. 30. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 31. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 32. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. 33. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-....
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.....e.f. 01.04.2010 41. In the second proviso, for the words "Provided further", the word "Provided" has been substituted vide Finance Act, 2010 w.e.f. 01.04.2010. 42. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012 43. Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- "Provided that" 44. Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- (a) "buyer" means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include,- 35[(i) a public sector company, the Central Government, a State Government, and an embassy, a high commission, legation, commission, consulate and the trade representation, of a foreign State and a club; or (ii) a buyer in the retail sale of such goods purchased by him for personal consumption;] 45. Omitted vide the Finance Act 2013 w.e.f. 1st day of June, 2013, before it was read as, "(excluding any coin or any other article weighing ten grams or less)" 46. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 47. Inserted vide THE F....
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....ature specified in the said sub-section;" 59. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017 60. Omitted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 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.]" 61. Omitted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2017. before it was read as, "42[or sub-section (1D)] are sold 53[or services referred to in sub-section (1D) are provided]" 62. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 63. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as "sub-section (1) 8[or sub-section (1C)" 64. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as "sub-section (1) 9[or sub-section (1C)" 65. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as, "in accordance with the provisions of this section" 66. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-10-2020 before it was read as "means" 67. Substituted vide Finance Act, 2020 dated ....
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....part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was actually paid 27[and such interest shall be paid" 84. Inserted vide Section 70 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025 85. Substituted vide Section 70 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-10-2024 before it was read as, "sub-section (1) 31[or sub-section (1C)" & "sub-section (1) 33[or sub-section (1C)" 86. Inserted vide Section 70 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-10-2024 87. Substituted vide Section 72 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2025 before it was read as, "Timber" 88. Substituted vide Section 72 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2025 before it was read as, "Two and one-half per cent" 89. Substituted vide Section 72 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2025 before it was read as, "Two and one-half per cent" 90. Omitted vide Section 72 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2....