Amendment of section 206C

Q: When was Section 88 of the Finance Act enacted?

Section 88 of the Finance Act, cited as Finance Act 2016 88, was enacted on 27 Jun 2016. It is in force as at the date shown on this page.

In force As on 07 Oct 2026

Ministry Finance Enacted 27 Jun 2016

Section 88 of the Finance Act, 2016 deals with amendment of section 206C. Amendment of section 206C. 88. In section 206C of the Income-tax Act, with effect from the 1st day of June, 2016,— (i) | in sub-section (1D),— (A) | after the words "or jewellery", the words "or any other goods (other than bullion or jewellery) or providing any service" shall be inserted; The Act was enacted on 27 Jun 2016.

Amendment of section 206C.
88. In section 206C of the Income-tax Act, with effect from the 1st day of June, 2016,—
(i) in sub-section (1D),—
(A) after the words "or jewellery", the words "or any other goods (other than bullion or jewellery) or providing any service" shall be inserted;
(B) in clause (ii), for the word "rupees.", the words "rupees; or" shall be substituted;
(C) after clause (ii), the following clause shall be inserted, namely:—
"(iii) for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds two hundred thousand rupees:
Provided that no tax shall be collected at source under this sub-section on any amount on which tax has been deducted by the payer under Chapter XVII-B.";
(ii) after sub-section (1D), the following sub-sections shall be inserted, namely:—
"(1E) Nothing contained in sub-section (1D) in relation to sale of any goods (other than bullion or jewellery) or providing any service shall apply to such class of buyers who fulfil such conditions, as may be prescribed.
(1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle 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.";
(iii) after sub-section (11), in the Explanation,—
(A) in clause (aa), in sub-clause (ii), after the word, brackets, figure and letter "sub-section (1D)", the words, brackets, figure and letter "or sub-section (1F)" shall be inserted;
(B) in clause (c), after the word "sold", the words, brackets, figure and letter "or services referred to in sub-section (1D) are provided" shall be inserted.
Section 88, The Finance Act, 2016.

Cross-references

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

This section refers to

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

Questions about Section 88

What does Section 88 of the Finance Act deal with?

Section 88 of the Finance Act is headed "Amendment of section 206C". Amendment of section 206C. 88. In section 206C of the Income-tax Act, with effect from the 1st day of June, 2016,— (i) | in sub-section (1D),— (A) | after the words "or jewellery", the words "or any other goods (other than bullion or jewellery) or providing any service" shall be inserted;

How do I find court cases under Section 88 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 2016 88, section 88 Finance Act 2016, section 88 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 88 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 Section 88 of the Finance Act enacted?

Section 88 of the Finance Act, cited as Finance Act 2016 88, was enacted on 27 Jun 2016. It is in force as at the date shown on this page.

Other sections of this Act

Fourth Schedule. Fourth Schedule21791 words
Eighth Schedule. Eighth Schedule19903 words
First Schedule. First Schedule8145 words
2. Income-tax3742 words
222. Insertion of new Chapter III F2100 words
70. Substitution of new section for section 1531931 words

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(A)		after the words "or jewellery", the words "or any other goods (other than bullion or jewellery) or providing any service" shall be inserted;
(B)		in clause (ii), for the word "rupees.", the words "rupees; or" shall be substituted;
(C)		after clause (ii), the following clause shall be inserted, namely:—

"(iii)		for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds two hundred thousand rupees:
		Provided that no tax shall be collected at source under this sub-section on any amount on which tax has been deducted by the payer under Chapter XVII-B.";

(ii)		after sub-section (1D), the following sub-sections shall be inserted, namely:—
		"(1E) Nothing contained in sub-section (1D) in relation to sale of any goods (other than bullion or jewellery) or providing any service shall apply to such class of buyers who fulfil such conditions, as may be prescribed.
		(1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle 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.";
(iii)		after sub-section (11), in the Explanation,—

(A)		in clause (aa), in sub-clause (ii), after the word, brackets, figure and letter "sub-section (1D)", the words, brackets, figure and letter "or sub-section (1F)" shall be inserted;
(B)		in clause (c), after the word "sold", the words, brackets, figure and letter "or services referred to in sub-section (1D) are provided" shall be inserted.