Amendment of section 206C
Amendment of section 206C.
72. In section 206C of the Income-tax Act,—
| (a) | in sub-section (1),— |
| (i) | in the Table,— |
| (A) | against serial number (iii),— |
| (I) | in column (2), for the word "Timber", the words and brackets "Timber or any other forest produce (not being tendu leaves)" shall be substituted; | |
| (II) | in column (3), for the words "two and one-half per cent.", the words "two per cent." shall be substituted; |
| (B) | against serial number (iv), in column (3), for the words "two and one-half per cent.", the words "two per cent." shall be substituted; | |
| (C) | serial number (v) and the entries relating thereto shall be omitted; |
| (ii) | after the proviso, the following Explanation shall be inserted, namely:— | |
| 'Explanation.—For the purposes of this sub-section, "forest produce" shall have the same meaning as defined in any State Act for the time being in force, or in the Indian Forest Act, 1927 (16 of 1927).'; |
| (b) | in sub-section (1G),— |
| (i) | in the first, second and fourth provisos, for the words "seven lakh rupees" wherever they occur, the words "ten lakh rupees" shall be substituted; | |
| (ii) | for the third proviso, the following proviso shall be substituted, namely:— |
| "Provided also that the authorised dealer shall not collect the sum if the amount being remitted out is a loan obtained from any financial institution as defined in clause (b) of sub-section (3) of section 80E, for the purpose of pursuing any education:"; | ||
| (c) | in sub-section (1H), after the second proviso, the following proviso shall be inserted, namely:— | |
| "Provided also that nothing contained in the provisions of this sub-section shall apply from the 1st day of April, 2025."; | ||
| (d) | in sub-section (7A), the following proviso shall be inserted, with effect from the 1st April, 2025, namely:— | |
| "Provided that the provisions of sub-sections (3), (5) and (6) of section 153 and Explanation 1 thereof shall, so far as may be, apply to the time limit specified in this sub-section."; | ||
| (e) | in sub-section (9), for the words, brackets, figures and letters ", sub-section (1C) or sub-section (1H)" at both the places where they occur, the words, brackets, figure and letter "or sub-section (1C)" shall be substituted; | |
| (f) | in sub-section (10A), for the brackets, figures, letters and word "(1C), (1F) or (1H)", the brackets, figures, letters and word "(1C) or (1F)" shall be substituted. |