The tax to be collected by an authorized dealer u/s 206C(1G) on the amount of remittance exceeding ₹7 lakh from the buyer is:

CS Executive · Tax Laws and Practice · PYQS · December 2021
The tax to be collected by an authorized dealer u/s 206C(1G) on the amount of remittance exceeding ₹7 lakh from the buyer is:
(A) 1%
(B) 5%
(C) 10%
(D) 20%

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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