State the provisions of the Act applicable, and the rate at which the tax is either to be deducted or to be collected at source in the following independent cases: A partnership firm is making sales of the timber which w

As per provisions contained in section 206C of the Income Tax Act, 1961, the partnership firm, on the sale of Timber which was obtained by it under the forest lease, has to collect the tax at source @ 2.5% on the value of such sales u/s 206C of the Income Tax Act, 1961.