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Section - 206C - Restriction on cash transactions -

 

This amendment is consequential to the insertion of section 269ST under which no person shall receive any amount of Rs.3 lakhs or more from a person in a day. As a result of this provision section 206C is sought to be amended to omit the provision relating to tax collection at source at the rate of 1% of sale consideration on cash sale of jewellery exceeding Rs.5 lakhs.

 

The amendment will be effective from 1st April 2017


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