Collection of income-tax at source during the financial year 1989-90-Profits and gains from the business of trading in alcoholic liquor, forest produce, etc.-Instructions regarding

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....olic liquor, forest produce, etc.-Instructions regarding Circular No. 535 Dated 26/6/1989 Attention is invited to this Department's Circular No. 525 [F. No. 275A/3/88-IT (B)], dated 24th November, 1988, [printed at [1988] 174 ITR (St.) 56] wherein the rates at which collection of income-tax have to be made at source during the financial year 1988-89 in respect of profits and gains from th....

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....th the provisions of section 206C shall prepare half-yearly returns for the period ending on 30th September and 31st March in each financial year and deliver or cause to be delivered to the prescribed income-tax authority such returns in such form and verified in such manner and setting forth such particulars as may be prescribed in the rules. It may also be added that the Direct Tax Laws (Amendme....

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....989-90. It may be noted that as per the provisions of the Finance Act, 1989, in cases in which tax has to be collected under section 206C of the Income-tax Act, the collection shall be made at the rates specified in that section, i.e., at 15% of the amount payable by the buyer (at 5% in the case of timber obtained by way mode other than forest lease), and it shall be further increased by a surchar....