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69. Amendment of section 206C |
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In section 206C of the Income-tax Act, in sub-section (3), in the proviso, for the words, figures and letters "prepare quarterly statements for the period ending on the 30th June, the 30th September, the 31st December and the 31st March in each financial year", the words "prepare such statements for such period as may be prescribed" shall be substituted with effect from the 1st day of October, 2009.
Clause 69 of the Bill seeks to amend section 206C of the Income-tax Act relating to profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.
The proposed amendment seeks to provide that any person collecting tax on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this section shall, after paying the tax collected to the credit of the Central Government within the prescribed time, prepare such statements for such period as may be prescribed in each financial year and deliver or cause to be delivered to the prescribed income-tax authority or the person authorised by such authority such statements for such period, in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.
This amendment will take effect from 1st October, 2009.
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