{"act":{"id":"finance-act-2025","short_title":"The Finance Act, 2025","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2025-2026.","act_number":"7","act_year":2025,"enact_date":"2025-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":153,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2025/"},"unit":"section","section":{"number":"72","heading":"Amendment of section 206C","text":"Amendment of section 206C. 72. In section 206C of the Income-tax Act,— (a) | in sub-section (1),— (i) | in the Table,— (A) | against serial number (iii),— (I) | in column (2), for the word \"Timber\", the words and brackets \"Timber or any other forest produce (not being tendu leaves)\" shall be substituted; (II) | in column (3), for the words \"two and one-half per cent.\", the words \"two per cent.\" shall be substituted; (B) | against serial number (iv), in column (3), for the words \"two and one-half per cent.\", the words \"two per cent.\" shall be substituted; (C) | serial number (v) and the entries relating thereto shall be omitted; (ii) | after the proviso, the following Explanation shall be inserted, namely:— 'Explanation.—For the purposes of this sub-section, \"forest produce\" shall have the same meaning as defined in any State Act for the time being in force, or in the Indian Forest Act, 1927 (16 of 1927).'; (b) | in sub-section (1G),— (i) | in the first, second and fourth provisos, for the words \"seven lakh rupees\" wherever they occur, the words \"ten lakh rupees\" shall be substituted; (ii) | for the third proviso, the following proviso shall be substituted, namely:— \"Provided also that the authorised dealer shall not collect the sum if the amount being remitted out is a loan obtained from any financial institution as defined in clause (b) of sub-section (3) of section 80E, for the purpose of pursuing any education:\"; (c) | in sub-section (1H), after the second proviso, the following proviso shall be inserted, namely:— \"Provided also that nothing contained in the provisions of this sub-section shall apply from the 1st day of April, 2025.\"; (d) | in sub-section (7A), the following proviso shall be inserted, with effect from the 1st April, 2025, namely:— \"Provided that the provisions of sub-sections (3), (5) and (6) of section 153 and Explanation 1 thereof shall, so far as may be, apply to the time limit specified in this sub-section.\"; (e) | in sub-section (9), for the words, brackets, figures and letters \", sub-section (1C) or sub-section (1H)\" at both the places where they occur, the words, brackets, figure and letter \"or sub-section (1C)\" shall be substituted; (f) | in sub-section (10A), for the brackets, figures, letters and word \"(1C), (1F) or (1H)\", the brackets, figures, letters and word \"(1C) or (1F)\" shall be substituted.","html":"

Amendment of section 206C.

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

(a)in sub-section (1),—
(i)in the Table,—
(A)against serial number (iii),—
(I)in column (2), for the word \"Timber\", the words and brackets \"Timber or any other forest produce (not being tendu leaves)\" shall be substituted;
(II)in column (3), for the words \"two and one-half per cent.\", the words \"two per cent.\" shall be substituted;
(B)against serial number (iv), in column (3), for the words \"two and one-half per cent.\", the words \"two per cent.\" shall be substituted;
(C)serial number (v) and the entries relating thereto shall be omitted;
(ii)after the proviso, the following Explanation shall be inserted, namely:—
'Explanation.—For the purposes of this sub-section, \"forest produce\" shall have the same meaning as defined in any State Act for the time being in force, or in the Indian Forest Act, 1927 (16 of 1927).';
(b)in sub-section (1G),—
(i)in the first, second and fourth provisos, for the words \"seven lakh rupees\" wherever they occur, the words \"ten lakh rupees\" shall be substituted;
(ii)for the third proviso, the following proviso shall be substituted, namely:—
\"Provided also that the authorised dealer shall not collect the sum if the amount being remitted out is a loan obtained from any financial institution as defined in clause (b) of sub-section (3) of section 80E, for the purpose of pursuing any education:\";
(c)in sub-section (1H), after the second proviso, the following proviso shall be inserted, namely:—
\"Provided also that nothing contained in the provisions of this sub-section shall apply from the 1st day of April, 2025.\";
(d)in sub-section (7A), the following proviso shall be inserted, with effect from the 1st April, 2025, namely:—
\"Provided that the provisions of sub-sections (3), (5) and (6) of section 153 and Explanation 1 thereof shall, so far as may be, apply to the time limit specified in this sub-section.\";
(e)in sub-section (9), for the words, brackets, figures and letters \", sub-section (1C) or sub-section (1H)\" at both the places where they occur, the words, brackets, figure and letter \"or sub-section (1C)\" shall be substituted;
(f)in sub-section (10A), for the brackets, figures, letters and word \"(1C), (1F) or (1H)\", the brackets, figures, letters and word \"(1C) or (1F)\" shall be substituted.
","words":399,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2025/section/72/","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."}