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Income-tax Act, 1961

Section - 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc

BB.-Collection at source

Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.

206C. (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of any goods of the nature specified in column (2) of the Table below, a sum equal to the percentage, specified in the corresponding entry in column (3) of the said Table, of such amount as income-tax:

TABLE

Sl. No.Nature of goodsPercentage
(1)(2)(3)
(i)Alcoholic Liquor for human consumptionOne per cent
(ii)Tendu leavesFive per cent
(iii)Timber 18[or any other forest produce (notbeing tendu leaves)] obtained under a forest lease19[Two] .... To read the full section download the app from Google Play store

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