Section 206C (1F) of Income Tax Act

By | June 11, 2016
(Last Updated On: June 11, 2016)

Section 206C (1F) of Income Tax Act

Section 206C (1F) of Income Tax Act :-

(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.

Explanation  :-

(aa) buyer” with respect to sub-section (1D) or sub-section (1F)  means a person who obtains in any sale, goods of the nature specified in the said sub-section;

(c)          “seller” means the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative society and also includes an individual or a Hindu undivided family whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which the goods of the nature specified in the Table in sub-section (1) or sub-section (1D) are sold or services referred to in sub-section (1D) are provided.

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