India - Income Tax Act 2010 - Saarc

1.789 CH. XVII - COLLECTION AND RECOVERY - ADVANCE PAYMENT OF TAX S. 207(c) “seller” means the Central Government, a State Government or anylocal authority or corporation or authority established by or under aCentral, State or Provincial Act, or any company or firm or cooperativesociety and also includes an individual or a Hindu undividedfamily whose total sales, gross receipts or turnover fromthe business or profession carried on by him exceed the monetarylimits specified under clause (a) or clause (b) of section 44AB duringthe financial year immediately preceding the financial year in whichthe goods of the nature specified in the Table in sub-section (1) aresold.]]2[Tax collection account number.206CA. (1) Every person collecting tax in accordance with the provisions ofsection 206C, shall, within such time as may be prescribed 3 , apply to theAssessing Officer for the allotment of a tax collection account number 4 .(2) Where a tax collection account number has been allotted to a person, suchperson shall quote such number—(a) in all challans for the payment of any sum in accordance with theprovisions of sub-section (3) of section 206C;(b) in all certificates furnished under sub-section (5) of section 206C;(c) in all the returns delivered in accordance with the provisions of subsection(5A) or sub-section (5B) of section 206C to any income-taxauthority; and(d) in all other documents pertaining to such transactions as may beprescribed in the interest of revenue:]5[Provided that the provisions of this section shall not apply on or after the 1st dayof October, 2004.]7[Liability for payment of advance tax.C.—Advance payment of tax 6207. Tax shall be payable in advance during any financial year, in accordancewith the provisions of sections 208 to 219 (both inclusive), in respect of thetotal income of the assessee which would be chargeable to tax for the assessmentyear immediately following that financial year, such income being hereafter inthis Chapter referred to as “current income” 8 .]2. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.3. See rule 114AA.4. See rule 114AA and Form No. 49B.5. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004.6. For electronic payment of tax, see rule 125.7. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Originalsection 207 was earlier amended by the Finance Act, 1972, w.e.f. 1-4-1972.8. For the meaning of the expression “current income”, see Taxmann’s Direct Taxes Manual,Vol. 3.