Amendment of section 206C

In force Act 8 of 2024 As on 08 Oct 2026

Act 8 of 2024 Ministry Finance

Section 8 of the Finance Act, 2024 (No. 1) deals with amendment of section 206C. Amendment of section 206C. 8. In section 206C of the Income-tax Act, in sub-section (1G),— (a) | in the long line, for the word "twenty", the word "five" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2023;

Amendment of section 206C.
8. In section 206C of the Income-tax Act, in sub-section (1G),—
(a) in the long line, for the word "twenty", the word "five" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2023;
(b) in the first proviso, the words "and is for the purposes of education or medical treatment" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of July, 2023;
(c) in the second proviso, with effect from the 1st day of October, 2023,—
(i) for the word "five", the word "twenty" shall be substituted and shall be deemed to have been substituted;
(ii) for the words "is for the purposes of", the words "is for purposes other than" shall be substituted and shall be deemed to have been substituted;
(d) after the third proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 2023, namely:—
"Provided also that the seller of an overseas tour programme package shall collect a sum of twenty per cent. of the amount or aggregate of amounts in excess of seven lakh rupees received from the buyer in a financial year:";
(e) after the fifth proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2023, namely:—
"Provided also that the sum to be collected under this sub-section on or after the 1st day of July, 2023 and before the 1st day of October, 2023, shall be collected in accordance with the provisions of this sub-section as they stood on the 1st day of April, 2023.".
Section 8, The Finance Act, 2024 (No. 1) (Act 8 of 2024).

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 8

What does Section 8 of the Finance Act, 2024 (No. 1) deal with?

Section 8 of the Finance Act, 2024 (No. 1) is headed "Amendment of section 206C". Amendment of section 206C. 8. In section 206C of the Income-tax Act, in sub-section (1G),— (a) | in the long line, for the word "twenty", the word "five" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2023;

How do I find court cases under Section 8 of the Finance Act, 2024 (No. 1)?

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, 2024 (No. 1) 8, section 8 Finance Act, 2024 (No. 1), section 8 of the Finance Act, 2024 (No. 1). 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 8 of the Finance Act, 2024 (No. 1), 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, 2024 (No. 1) enacted?

Finance Act, 2024 (No. 1) was enacted in 2024 as Act 8 of 2024. 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

2. Income-tax10629 words
12. Substitution of section 20237 words
13. Insertion of new section 122A196 words
11. Amendment of section 2126 words
1. Short title and commencement120 words
3. Amendment of section 1094 words

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(a)		in the long line, for the word "twenty", the word "five" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2023;
(b)		in the first proviso, the words "and is for the purposes of education or medical treatment" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of July, 2023;
(c)		in the second proviso, with effect from the 1st day of October, 2023,—

(i)		for the word "five", the word "twenty" shall be substituted and shall be deemed to have been substituted;
(ii)		for the words "is for the purposes of", the words "is for purposes other than" shall be substituted and shall be deemed to have been substituted;

(d)		after the third proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 2023, namely:—
		"Provided also that the seller of an overseas tour programme package shall collect a sum of twenty per cent. of the amount or aggregate of amounts in excess of seven lakh rupees received from the buyer in a financial year:";
(e)		after the fifth proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2023, namely:—
		"Provided also that the sum to be collected under this sub-section on or after the 1st day of July, 2023 and before the 1st day of October, 2023, shall be collected in accordance with the provisions of this sub-section as they stood on the 1st day of April, 2023.".