Transcription of IT-Update Revised on 206C 2016 - nirc@icai
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IT-Update Revised on 206C 2016 - nirc@icai
Revised update on provisions relating to Tax Collection at Source u/s 206c of income Tax Act, 1961 with special reference to amendments made by the Finance Act, 2012 and the Finance Act, 2016 Evolution and history of TCS 1. Before we dwell upon the contemporary TCS, it is imperative to look into the evolution and history of TCS. It will help to understand and appreciate the spirit of the legislative intent in amending the provisions relating to TCS vide the Finance Act, 2016 . Chapter XVII-BB was inserted in the income Tax Act, 1961 {hereinafter referred to the Act} by the Finance Act, 1988 Originally only Section 206c {Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap etc.}
Revised update on provisions relating to Tax Collection at Source u/s 206C of Income Tax Act, 1961 with special reference to amendments made by
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