India - Income Tax Act 2010 - Saarc

S. 206C I.T. ACT, 1961 1.784the account of the licensee or lessee or at the time of receipt of such amount fromthe licensee or lessee in cash or by the issue of a cheque or draft or by any othermode, whichever is earlier, collect from the licensee or lessee of any such licence,contract or lease of the nature specified in column (2) of the Table below, a sumequal to the percentage, specified in the corresponding entry in column (3) of thesaid Table, of such amount as income-tax:TABLESl. No. Nature of contract or licence Percentageor lease, etc.(1) (2) (3)(i) Parking lot Two per cent(ii) Toll plaza Two per cent(iii) Mining and quarrying Two per cent.]62[Explanation 1.—For the purposes of this sub-section, “mining and quarrying”shall not include mining and quarrying of mineral oil.Explanation 2.—For the purposes of Explanation 1, “mineral oil” includespetroleum and natural gas.](2) The power to recover tax by collection under sub-section (1) 63 [or sub-section(1C)] shall be without prejudice to any other mode of recovery.(3) Any person collecting any amount under sub-section (1) 63 [or sub-section (1C)]shall pay within 64 [the prescribed time] the amount so collected to the credit ofthe Central Government or as the Board directs :65[Provided that the person collecting tax on or after the 1st day of April, 2005 inaccordance with the foregoing provisions of this section shall, after paying thetax collected to the credit of the Central Government within the prescribed time,66[prepare such statements for such period as may be prescribed] and deliver orcause to be delivered to the prescribed income-tax authority 67 , or the personauthorised by such authority, such statement in such form and verified in suchmanner and setting forth such particulars and within such time as may beprescribed. 68 ]62. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007.63. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004.64. Substituted for “seven days” by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003.See also rule 37CA.65. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.66. Substituted for “prepare quarterly statements for the period ending on the 30th June, the30th September, the 31st December and the 31st March in each financial year” by theFinance (No. 2) Act, 2009, w.e.f. 1-10-2009.67. Director General of Income-tax (Systems)/NSDL.68. See rule 31AA and Form No. 27EQ.