Half-Yearly Return Of Collection Of Tax Under Section 206C From Buyers Of Any Other Forest Produce Not Being Timber Or Tendu Leaves For The Period Ending

Half-Yearly Return Of Collection Of Tax Under Section 206C From Buyers Of Any Other Forest Produce Not Being Timber Or Tendu Leaves For The Period Ending

under sec 206 c of income tax act 1961 Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap,  no collection of tax shall be made in the case of a buyer, who is resident in India, if such buyer furnishes to the person responsible for collecting tax, a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner to the effect that the goods referred to in column (2) of the aforesaid Table are to be utilised for the purposes of manufacturing, processing or producing articles or things or for the purposes of generation of power and not for trading purposes.

 The person responsible for collecting tax under this section shall deliver or cause to be delivered to the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner one copy of the declaration referred  on or before the seventh day of the month next following the month in which the declaration is furnished to him.Every person collecting tax before the 1st day of April, 2005 in accordance with the provisions of this section shall prepare within the prescribed time after the end of each financial year, and deliver or cause to be delivered to the prescribed income-tax authority29 or such other authority or agency as may be prescribed such returns in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed :

Provided that the Board may, if it considers necessary or expedient so to do, frame a scheme for the purposes of filing such returns with such other authority or agency referred to in this sub-section.

under rule of income tax rules 1962 

37E. Prescribed returns regarding tax collected at source under section 206C(5A)

Every person collecting tax in accordance with the provisions of section 206C shall, in

respect of the period ending on 30th September and 31st March in each financial year, deliver or cause to be delivered to the Director General of Income-tax (Systems) or the person or agency authorised by the Director General of Income-tax (Systems) referred to in rule 37F, the return for collection of tax in Form No. 27E within one month from the end of the period for which the return is required to be filed.


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