Financial Daily from THE HINDU group of publications
Thursday, Jun 05, 2003

News
Features
Stocks
Port Info
Archives

Group Sites

Industry & Economy - Taxation


Implementation of tax collection of source on IMFL postponed

Our Bureau

NEW DELHI, June 4

THE Finance Ministry has postponed the date of implementation of the new Income-Tax provision that required dealers in Indian-made foreign liquors (IMFL) to collect 10 per cent tax at source at the time of sale.

Against the earlier set date of June 1, the collection of tax at source from dealers of IMFL would now become effective from September 1.

An official release said that the decision follows representation from various quarters including State Government authorities in the matter of various aspects of the scheme, as the Ministry felt that it is necessary to look into all these representations before the scheme is made applicable to dealers in IMFL.

The Finance Act 2003 extended the scheme of collection of tax at source u/s 206C of Income-Tax Act, 1961 to dealers in Indian made foreign liquor (wholesaler as well as retailer).

Under the scheme the seller whether it is the government, corporation, manufacturer, distributor of wholesaler is required to collect from the buyer, tax at the rate of 10 per cent of the amount payable by the buyer at the time of sale of goods and deposit the same to the credit of the Union Government.

Similar provisions existed for country liquor since 1988.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Rupee depreciation versus euro — European auto cos to absorb hike


Standby charges to MSEB — Tata Power, BSES told to pay equal amount
Tatas happy; BSES decision soon
Tax refunds push up fiscal deficit in April
Gujarat annual Plan fixed at Rs 7,860 cr
CII team for Mithradham
Please crush your PET bottle after use!
AP forests on a revival path
`Made in India' brings business worth $110 m
New phone at J-DGFT Office
Catching them young with `Life Skills'
Strong Re to boost oil cos' earnings
Pharma industry wants expert panel to study export potential
`Electricity policy implementation in six months'
KCCI unhappy over tax hike
Implementation of tax collection of source on IMFL postponed
Rs 14-cr funding helps CITD gain strength
Water level falls further in Kerala
BITS, Pilani opens campus in Dubai
Diamond cos do not shine on the bourses
CIDC, SIDBI sign agreement for loans to small contractors
`Newsprint sector needs protection'
BHEL installs solar panels on satellites
Public utility status sought for export units in Bengal
Hyderabad Engagements
Seed exports seen rising to $200 m by 2005
ITES exports up 44 pc: ESC
Death toll crosses 1,200-mark in AP — Task force set up to study heat wave


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |

Copyright 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line