LIVE GST Audit Course by CA Sachin Jain. Register Now!!

Section 206C(1H)

CA Sapna Ghelani (Chartered Accountant) (7550 Points)

18 March 2021

Can anyone explain Section 206C(1H) of Income Tax Act,1961?

Reply
Follow
Share

1 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 18 March 2021

True extract of Sub-Section(1H) as has been inserted in Sec.206C :

(1H). Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding Fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section(1)or Sub-secction (1F) or sub-section (1G) shall, at the time of receipt of such amount , collect from the buyer, a sum equal to 0.1 per cent of the sale consideration exceeding fifty lakh rupees as income –tax.

Provided that if the buyer has not provided the PAN No or the Aadhaar number to the seller, then the provisions of clause(ii) of sub-section(1) of section 206CC shall be read as if for the words “five per cent” the words “ one per cent “ had been substituted.