Amendment of section 206C
Section 47 of the Finance Act, 2006 deals with amendment of section 206C. Amendment of section 206C. 47. In section 206C of the Income-tax Act,— (a ) in sub-section (4), in the proviso, for the figures, letters and words "1st day of April, ", the figures, letters and words "1st day of April, " shall be substituted;
Amendment of section 206C.
47. In section 206C of the Income-tax Act,—
(a ) in sub-section (4), in the proviso, for the figures, letters and words "1st day of April, 2006", the figures, letters and words "1st day of April, 2008" shall be substituted;
(b ) in sub-section (5),—
(i) in the first proviso, for the figures, letters and words "1st day of April, 2006", the figures, letters and words "1st day of April, 2008" shall be substituted;
(ii) in the second proviso, for the words "after the end of each financial year", the words, figures and letters "after the end of each financial year beginning on or after the 1st day of April, 2008" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2005;
(c ) In sub-section (5A), for the words "collecting tax", the words, figures and letters "collecting tax before the 1st day of April, 2005" shall be substituted;
(d ) after sub-section (6), the following sub-section shall be inserted with effect from the 1st day of April, 2007, namely:—
"(6A) If any person responsible for collecting tax in accordance with the provisions of this section does not collect the whole or any part of the tax or after collecting, fails to pay the tax as required by or under this Act, he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the tax:
Provided that no penalty shall be charged under section 221 from such person unless the Assessing Officer is satisfied that the person has without good and sufficient reasons failed to collect and pay the tax.";
(e ) in sub-section (7),—
(i) for the word "seller", the words "person responsible for collecting tax" shall be substituted with effect from the 1st day of April, 2007;
(ii) after the words "tax was actually paid", occurring at the end, the words, brackets and figure "and such interest shall be paid before furnishing the quarterly statement for each quarter in accordance with the provisions of sub-section (3)" shall be inserted with effect from the 1st day of June, 2006;
(f ) in sub-section (8), for the word "seller", the words "person responsible for collecting tax" shall be substituted with effect from the 1st day of April, 2007.
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Section 47, The Finance Act, 2006.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 47
What does Section 47 of the Finance Act deal with?
Section 47 of the Finance Act is headed "Amendment of section 206C". Amendment of section 206C. 47. In section 206C of the Income-tax Act,— (a ) in sub-section (4), in the proviso, for the figures, letters and words "1st day of April, ", the figures, letters and words "1st day of April, " shall be substituted;
How do I find court cases under Section 47 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 2006 47, section 47 Finance Act 2006, section 47 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 47 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 2006. 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
- First Schedule. First Schedule7285 words
- 2. Income-tax2665 words
- 4. Amendment of section 10604 words
- 3. Amendment of section 2556 words
- 20. Insertion of new section 90A531 words
- 33. Insertion of new section 139B512 words
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