Amendment of section 206C.

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....(v) and the entries relating thereto shall be omitted; (ii) after the proviso, the following Explanation shall be inserted, namely:-- '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.).'; (b) in sub-section (1G),-- (i) in the first, second and fourth provisos, for the words "seven lakh rupees" wherever they occur, the words "ten lakh rupees" shall be substituted; (ii) for the third proviso, the following proviso shall be substituted, namely:-- "Provided also that the authorised dealer shall not collect the sum if the amount being remitted out i....

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....eceipt 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 as specified, a sum equal to the percentage specified therein, of such amount as income-tax. In case of timber obtained under a forest lease and timber obtained by any mode other than under a forest lease, the rate for tax collection at source is two and one-half per cent. It is proposed to amend sub-section (1) of the said section so as to provide that for timber or any other forest produce (not being tendu leaves) obtained under a forest lease and on timber obtained by any mode other than under a forest lease, tax will be required to be collected at source a....

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....seller who receives consideration for sale of any goods of the value or aggregate of value exceeding fifty lakhs rupees in any previous year, to collect from the buyer a sum equal to 0.1% of the sale consideration exceeding fifty lakhs rupees as income-tax, subject to certain conditions. It is proposed to amend the said sub-section so as to insert a proviso to provide that the provisions of this sub-section shall not apply from 1st April, 2025. It is further proposed to consequentially omit references of sub-section (1H) in sub-section (9) and sub-section (10A) of the said section. Sub-section (7A) of the said section provides that no order shall be made under sub-section (6A) of the said section deeming a person to be an assessee ....