India - Income Tax Act 2010 - Saarc

S. 206C I.T. ACT, 1961 1.782Person paying dividend to certain residents without deduction of tax to furnishprescribed return.206B. 50 [Omitted by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996.]51[BB.—Collection at sourceProfits and gains from the business of trading in alcoholic liquor, forest produce,scrap, etc. 5253206C.54[ 55 (1) Every person, being a seller shall, at the time of debiting of theamount payable by the buyer to the account of the buyer or at the timeof receipt of such amount 56 from the said buyer in cash or by the issue of a chequeor draft or by any other mode, whichever is earlier, collect from the buyer of anygoods of the nature specified in column (2) of the Table below, a sum equal to thepercentage, specified in the corresponding entry in column (3) of the said Table,of such amount as income-tax:57 [TABLESl. No. Nature of goods Percentage(1) (2) (3)(i) Alcoholic Liquor for human consumption One per cent(ii) Tendu leaves Five per cent(iii) Timber obtained under a forest lease Two and one-half per cent(iv) Timber obtained by any mode other Two and one-half per centthan under a forest lease50. Prior to its omission, section 206B was inserted by the Finance (No. 2) Act, 1977, w.e.f.1-10-1977 and later on amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.51. Inserted by the Finance Act, 1988, w.e.f. 1-6-1988.52. See rule 125 for Electronic payment of tax.53. See also Circular No. 585, dated 27-11-1990. For details, see Taxmann’s Master Guide toIncome-tax Act.54. Substituted by the Finance Act, 1992, w.e.f. 1-4-1992. Prior to substitution, sub-section (1)was amended by the Direct Tax Laws (Amendment) Act, 1989, w.r.e.f. 1-6-1988.55. See rules 31AA, 31AB, 37C to 37-I and Form Nos. 13, 26AS, 27A, 27B, 27C, 27D and 27EQ.56. For the meaning of the expression “such amount”, see Taxmann’s Direct Taxes Manual,Vol. 3.57. Substituted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Prior to itssubstitution, the Table, as amended by the Finance Act, 1992, w.e.f. 1-4-1992, Finance(No. 2) Act, 1996, w.e.f. 1-10-1996 and Finance Act, 2003, w.e.f. 1-6-2003, read as under :“TABLESl. 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 leaseFifteen 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 :”