Section 206C(1D) of Income tax Act

By | June 18, 2017
(Last Updated On: June 18, 2017)

Section 206C(1D) of Income tax Act

Section 206C(1D) of Income tax Act Omitted / Deleted  by the Finance Act, 2017, w.e.f. 1-4-2017. Prior to its omission, sub-section (1D), as amended by the Finance Act, 2012, w.e.f. 1-7-2012, Finance Act, 2013, w.e.f. 1-6-2013 and Finance Act, 2016, w.e.f. 1-6-2016, read as under :

“(1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any other goods (other than bullion or jewellery) or providing any service, shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to one per cent of sale consideration as income-tax, if such consideration,—

(i)for bullion, exceeds two hundred thousand rupees; or
(ii)for jewellery, exceeds five hundred thousand rupees; or
(iii)for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds two hundred thousand rupees:

Provided that no tax shall be collected at source under this sub-section on any amount on which tax has been deducted by the payer under Chapter XVII-B.”

 

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