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Section87
The Finance Act, 2003

Amendment of section 206C

In force As on 07 Oct 2026

Ministry Finance

Section 87 of the Finance Act, 2003 deals with amendment of section 206C. 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.

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 GoodsPercentage
(1)(2)(3)
(i)Alcoholic liquor for human consumption and tendu leavesTen per cent
(ii)Timber obtained under a forest leaseFifteen per cent
(iii)Timber obtained by any mode other than under a forest leaseFive per cent
(iv)Any other forest produce not being timber or tendu leavesFifteen per cent
(v)ScrapTen 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.’.

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Section 87, The Finance Act, 2003.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 206C Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc

Questions about Section 87

What does Section 87 of the Finance Act deal with?

Section 87 of the Finance Act is headed "Amendment of section 206C". 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.

How do I find court cases under Section 87 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 2003 87, section 87 Finance Act 2003, section 87 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 87 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.

When was the Finance Act enacted?

Finance Act was enacted in 2003. 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

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.