{"act":{"id":"finance-act-2003","short_title":"The Finance Act, 2003","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2003-2004.","act_number":null,"act_year":2003,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":108,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2003/"},"unit":"section","section":{"number":"87","heading":"Amendment of section 206C","text":"Amendment of section 206C. 87. In section 206C of the Income-tax Act, with effect from the 1st day of June, 2003,— (a ) in sub-section (1), for the Table, the following Table shall be substituted, namely:— \"TABLE Sl. No. | Nature of Goods | Percentage (1) | (2) | (3) (i) | Alcoholic liquor for human consumption and tendu leaves | Ten per cent (ii) | Timber obtained under a forest lease | Fifteen per cent (iii) | Timber obtained by any mode other than under a forest lease | Five per cent (iv) | Any other forest produce not being timber or tendu leaves | Fifteen per cent (v) | Scrap | Ten per cent :\"; ( b) in the Explanation  below sub-section (11),— (A) in clause (a), for sub-clauses (i) to (iii ), the follow­ing sub-clauses shall be substituted, namely :— \"(i ) a public sector company, or (ii ) a buyer in the retail sale of such goods obtained in pursuance of such sale;\"; (B) for clause (b), the following clauses shall be substi­tuted, namely:— ‘(b ) \"scrap\" means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons; (c)  \"seller\" means the Central Government, a State Govern­ment or any local authority or corporation or authority estab­lished by or under a Central, State or Provincial Act, or any company or firm or co-operative society and also includes an individual or a Hindu undivided family whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which the goods of the nature specified in the Table in sub-section (1) are sold.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 206C.</b></p><p><b>87.</b> In section 206C of the Income-tax Act, with effect from the 1st day of June, 2003,—</p><p>(<i>a</i> ) in sub-section (1), for the Table, the following Table shall be substituted, namely:—</p><p><b>\"TABLE</b></p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td><i>Sl. No.</i></td><td><i>Nature of Goods</i></td><td><i>Percentage</i></td></tr><tr><td><i>(1)</i></td><td><i>(2)</i></td><td><i>(3)</i></td></tr><tr><td>(<i>i</i>)</td><td>Alcoholic liquor for human consumption and tendu leaves</td><td>Ten per cent</td></tr><tr><td>(<i>ii</i>)</td><td>Timber obtained under a forest lease</td><td>Fifteen per cent</td></tr><tr><td>(<i>iii</i>)</td><td>Timber obtained by any mode other than under a forest lease</td><td>Five per cent</td></tr><tr><td>(<i>iv</i>)</td><td>Any other forest produce not being timber or tendu leaves</td><td>Fifteen per cent</td></tr><tr><td>(<i>v</i>)</td><td>Scrap</td><td>Ten per cent :\";</td></tr></table></div><p><i> </i>( <i>b</i>) in the <i>Explanation </i> below sub-section (11),—</p><p>(<i>A</i>) in clause (<i>a</i>), for sub-clauses (<i>i</i>) to (<i>iii</i> ), the follow­ing sub-clauses shall be substituted, namely :—</p><p>\"(<i>i</i> ) a public sector company, or</p><p>(<i>ii</i> ) a buyer in the retail sale of such goods obtained in pursuance of such sale;\";</p><p>(<i>B</i>) for clause (<i>b</i>), the following clauses shall be substi­tuted, namely:—</p><p>‘(<i>b</i> ) \"scrap\" means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons;</p><p>(<i>c</i>) <i> \"seller\" means the Central Government, a State Govern­ment or any local authority or corporation or authority estab­lished by or under a Central, State or Provincial Act, or any company or firm or co-operative society and also includes an individual or a Hindu undivided family whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (</i>a<i>) or clause (</i>b<i>) of section 44AB during the financial year immediately preceding the financial year in which the goods of the nature specified in the Table in sub-section (1) are sold.’.</i></p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":315,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2003/section/87/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}