{"act":{"id":"finance-act-2024-no-2","short_title":"The Finance Act, 2024 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":null,"act_year":2024,"enact_date":"2024-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":174,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/"},"unit":"section","section":{"number":"70","heading":"Amendment of section 206C","text":"Amendment of section 206C. 70. In section 206C of the Income-tax Act,— (a) | for sub-section (1F), the following sub-section shall be substituted with effect from the 1st day of January, 2025, namely:— \"(1F) Every person, being a seller, who receives any amount as consideration for sale of— (i) | a motor vehicle; or (ii) | any other goods, as may be specified by the Central Government by notification in the Official Gazette, of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income-tax.\"; (b) | in sub-section (3B), the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:— \"Provided that no correction statement shall be delivered after the expiry of six years from the end of the financial year in which the statement referred to in the proviso to sub-section (3) is required to be delivered.\"; (c) | in sub-section (4), after the words \"such person\", the words \"or any other person eligible for credit\" shall be inserted with effect from the 1st day of January, 2025; (d) | with effect from the 1st day of April, 2025,— (i) | in sub-section (7), for the words \"interest at the rate of one per cent per month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was actually paid and such interest shall be paid\", the following shall be substituted, namely:— \"interest— (a) | at the rate of one per cent for every month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which such tax is collected; and (b) | at the rate of one and one-half per cent for every month or part thereof on the amount of such tax from the date on which such tax was collected to the date on which such tax is actually paid, and such interest shall be paid\"; (ii) | after sub-section (7), the following sub-section shall be inserted, namely:— \"(7A) No order shall be made under sub-section (6A) deeming a person to be an assessee in default for failure to collect the whole or any part of the tax from any person, at any time after the expiry of six years from the end of the financial year in which tax was collectible or two years from the end of the financial year in which the correction statement is delivered under sub-section (3B), whichever is later.\"; (e) | with effect from the 1st day of October, 2024,— (i) | in sub-section (9), for the words, brackets, figures and letter \"sub-section (1) or sub-section (1C)\" at both the places where they occur, the words, brackets, figures and letters \"sub-section (1), sub-section (1C) or sub-section (1H)\" shall be substituted; (ii) | after sub-section (11), the following sub-section shall be inserted, namely:— \"(12) Notwithstanding anything contained in this section, no collection of tax shall be made or collection of tax shall be made at such lower rate in respect of specified transaction, from such person or class of persons, including institution, association or body or class of institutions, associations or bodies, as the Central Government may, by notification in the Official Gazette specify in this behalf.\".","html":"

Amendment of section 206C.

70. In section 206C of the Income-tax Act,—

(a)for sub-section (1F), the following sub-section shall be substituted with effect from the 1st day of January, 2025, namely:—
\"(1F) Every person, being a seller, who receives any amount as consideration for sale of—
(i)a motor vehicle; or
(ii)any other goods, as may be specified by the Central Government by notification in the Official Gazette,
of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income-tax.\";
(b)in sub-section (3B), the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:—
\"Provided that no correction statement shall be delivered after the expiry of six years from the end of the financial year in which the statement referred to in the proviso to sub-section (3) is required to be delivered.\";
(c)in sub-section (4), after the words \"such person\", the words \"or any other person eligible for credit\" shall be inserted with effect from the 1st day of January, 2025;
(d)with effect from the 1st day of April, 2025,—
(i)in sub-section (7), for the words \"interest at the rate of one per cent per month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was actually paid and such interest shall be paid\", the following shall be substituted, namely:—
\"interest—
(a)at the rate of one per cent for every month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which such tax is collected; and
(b)at the rate of one and one-half per cent for every month or part thereof on the amount of such tax from the date on which such tax was collected to the date on which such tax is actually paid,
and such interest shall be paid\";
(ii)after sub-section (7), the following sub-section shall be inserted, namely:—
\"(7A) No order shall be made under sub-section (6A) deeming a person to be an assessee in default for failure to collect the whole or any part of the tax from any person, at any time after the expiry of six years from the end of the financial year in which tax was collectible or two years from the end of the financial year in which the correction statement is delivered under sub-section (3B), whichever is later.\";
(e)with effect from the 1st day of October, 2024,—
(i)in sub-section (9), for the words, brackets, figures and letter \"sub-section (1) or sub-section (1C)\" at both the places where they occur, the words, brackets, figures and letters \"sub-section (1), sub-section (1C) or sub-section (1H)\" shall be substituted;
(ii)after sub-section (11), the following sub-section shall be inserted, namely:—
\"(12) Notwithstanding anything contained in this section, no collection of tax shall be made or collection of tax shall be made at such lower rate in respect of specified transaction, from such person or class of persons, including institution, association or body or class of institutions, associations or bodies, as the Central Government may, by notification in the Official Gazette specify in this behalf.\".
","words":570,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/70/","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."}