Amendment of section 206C
Section 80 of the Finance Act, 1999 deals with amendment of section 206C. Amendment of section 206C. 80. In section 206C of the Income-tax Act, with effect from the 1st day of June, 1999,— (a ) after sub-section (5A), the following sub-sections shall be inserted, namely:— "(5B) Notwithstanding anything contained in any other law for the time being in force, a return filed
Amendment of section 206C.
80. In section 206C of the Income-tax Act, with effect from the 1st day of June, 1999,—
(a ) after sub-section (5A), the following sub-sections shall be inserted, namely:—
"(5B) Notwithstanding anything contained in any other law for the time being in force, a return filed on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media as may be specified by the Board (hereinafter referred to as the computer media) shall be deemed to be a return for the purposes of sub-section (5A) and the rules made thereunder and shall be admissible in any proceedings thereunder, without further proof of production of the original, as evidence of any contents of the original or of any fact stated therein.
(5C) A return filed under sub-section (5B) shall fulfil the following conditions, namely:—
(a) while receiving returns on computer media, necessary checks by scanning the documents filed on computer media will be carried out and the media will be duly authenticated by the Assessing Officer; and
(b) the Assessing Officer shall also take due care to preserve the computer media by duplicating, transferring, mastering or storage without loss of data.";
(b ) after sub-section (8) and before the Explanation, the following sub-sections shall be inserted, namely:—
"(9) Where the Assessing Officer is satisfied that the total income of the buyer justifies the collection of the tax at any lower rate than the relevant rate specified in sub-section (1), the Assessing Officer shall, on an application made by the buyer in this behalf, give to him a certificate for collection of tax at such lower rate than the relevant rate specified in sub-section (1).
(10) Where a certificate under sub-section (9) is given, the person responsible for collecting the tax shall, until such certificate is cancelled by the Assessing Officer, collect the tax at the rates specified in such certificate.
(11) The Board may, having regard to the convenience of assessees and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (9) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.".
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Section 80, The Finance Act, 1999.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 80
What does Section 80 of the Finance Act deal with?
Section 80 of the Finance Act is headed "Amendment of section 206C". Amendment of section 206C. 80. In section 206C of the Income-tax Act, with effect from the 1st day of June, 1999,— (a ) after sub-section (5A), the following sub-sections shall be inserted, namely:— "(5B) Notwithstanding anything contained in any other law for the time being in force, a return filed
How do I find court cases under Section 80 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1999 80, section 80 Finance Act 1999, section 80 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 80 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 206C (Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc), so none of them can safely be read on its own. 7 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 1999. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- 50. Substitution of new section for section 80-IA5311 words
- First Schedule. First Schedule5092 words
- 2. Income-tax1942 words
- 6. Amendment of section 101681 words
- 3. Amendment of section 21112 words
- 38. Substitution of new section for section 72A903 words
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