Collection of income-tax at source under section 206C of the Income-tax Act, 1961, in respect of profits and gains from the business of trading in alcoholic liquor, forest produce, etc.--Regarding

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....alcoholic liquor, forest produce, etc.--Regarding Circular No. 585 Dated 27/11/1990 Reference is invited to Board's Circular No.565 [F.No. 275A/ 1/90-IT(B)] dated 11th July, 1990 regarding collection of income-tax at source under section 206C of the Income-tax Act in respect of profits and gains from the business of trading in alcoholic liquor, forest producte, etc., as also to earlier circ....

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....e purchase price. Thus, income-tax will have to be collected at source under the provisions of section 206C by all persons referred to in section 44AC of the Income-tax Act, 1961 (e.g., Central Government, State Government, local authority, corporations, etc.) at the specified rates, with reference to the purchase price including the excise duty, etc. 3. The above amendment has come into force wi....