India - Income Tax Act 2010 - Saarc

S. 206C I.T. ACT, 1961 1.788section (7) shall be a charge upon all the assets of the 93 [person responsible forcollecting tax].]94[(9) Where the Assessing Officer is satisfied that the total income of the buyer95[or licensee or lessee] justifies the collection of the tax at any lower rate thanthe relevant rate specified in sub-section (1) 95 [or sub-section (1C)], the AssessingOfficer shall, on an application 96 made by the buyer 97 [or licensee or lessee] in thisbehalf, give to him a certificate for collection of tax at such lower rate than therelevant rate specified in sub-section (1) 97 [or sub-section (1C)].(10) Where a certificate under sub-section (9) is given, the person responsible forcollecting the tax shall, until such certificate is cancelled by the Assessing Officer,collect the tax at the rates specified in such certificate.(11) The Board may, having regard to the convenience of assessees and theinterests of revenue, by notification in the Official Gazette, make rules specifyingthe cases in which, and the circumstances under which, an application may bemade for the grant of a certificate under sub-section (9) and the conditionssubject to which such certificate may be granted and providing for all othermatters connected therewith.]98[Explanation.—For the purposes of this section,—(a) “buyer” means a person who obtains in any sale, by way of auction,tender or any other mode, goods of the nature specified in the Tablein sub-section (1) or the right to receive any such goods but does notinclude,—99[(i) a public sector company, the Central Government, a State Government,and an embassy, a high commission, legation, commission,consulate and the trade representation, of a foreign Stateand a club; or(ii) a buyer in the retail sale of such goods purchased by him forpersonal consumption;]1[(b) “scrap” means waste and scrap from the manufacture or mechanicalworking of materials which is definitely not usable as such becauseof breakage, cutting up, wear and other reasons;93. Substituted for “seller” by the Finance Act, 2006, w.e.f. 1-4-2007.94. Sub-sections (9), (10) and (11) inserted by the Finance Act, 1999, w.e.f. 1-6-1999.95. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004.96. See rules 37G and 37H and Form No. 13.97. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004.98. Inserted by the Finance Act, 1992, w.e.f. 1-4-1992.99. Substituted by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Earlier subclauses(i) and (ii), as substituted for sub-clauses (i), (ii) and (iii) by the Finance Act, 2003,w.e.f. 1-6-2003, read as under :“(i) a public sector company, or(ii) a buyer in the retail sale of such goods obtained in pursuance of such sale;”1. Clauses (b) and (c) substituted for clause (b) by the Finance Act, 2003, w.e.f. 1-6-2003. Priorto its substitution, clause (b) read as under :‘(b) “seller” means the Central Government, a State Government or any local authorityor corporation or authority established by or under a Central, State or ProvincialAct, or any company or firm or co-operative society.’