Section 402: Interpretation

Section 402: Interpretation · Complied AI

(6)

“buyer” for the purposes of provisions in column B of the Table below means any person as specified in column C but does not include any person as specified in column D:— Table Sl. No Provisions Person Person not to be included A B C D 1. Purchase of Person whose Any person, as the Central goods referrred total sales, gross Government may notify for to in section receipts or turnover this purpose, subject to 393(1) [Table: from the business specified conditions therein. Sl. No. 8(ii)] carried on by him exceed ₹10,00,00,000 during the tax year immediately preceding the tax year in which the purchase of goods is carried out 2. Sale of goods Person who (a) A public sector referred to in obtains in any sale, company; or section 394(1) by way of auction, (b) the Central or a State (Table: Sl. No. 1 tender or any other Government, and an embassy, to 5) mode, goods of the a High Commission, legation, nature specified in commission, consulate and the section 394(1) trade representation, of a (Table: Sl. No. 1 to foreign State; or 5), or the right to (c) a club; or receive any such goods (d) a buyer in the retail sale of such goods purchased by him for personal consumption. 3. Sale of Person who (a) A person as per Sl. No. motor vehicle obtains in any sale, 2.D(b); or or any other goods of the nature (b) a local authority as goods referred specified in section defined at Schedule III (Table: to in section 394(1) (Table: Sl. Sl. No. 22); or 394(1) (Table: No. 6). Sl. No. 6). (c) a public sector company which is engaged in the business of carrying passengers. 4. Remittance A person (a) A person as per Sl. No. under remitting amount 3.D(a) or (b); Liberallised under the Liberalised (b) a person, as per Sl. No. Remittance Remittance Scheme 1.D. Scheme of Reserve Bank of referred to in India. section 394(1) (Table: Sl. No. 7). 5. Sale of A person who A person as per Sl. No. 4.D. overseas tour purchases overseas programme tour programme package referred package. to in section 394(1) (Table: Sl. No. 8).

(27)

“person responsible for paying” means— (a) in the case of payments of income chargeable under the head “Salaries”, other than payments by the Central Government or the State Government–– (i) the employer himself; or (ii) if the employer is a company, the company itself, including the principal officer thereof;

(b)

in the case of payments of income chargeable under the head “Interest on securities”, other than payments made by or on behalf of the Central Government or State Government, or local authority, or corporation or company, including the principal officer thereof;

(c)

in the case of any sum payable to a non-resident Indian, being any sum representing consideration for the transfer by him of any foreign exchange asset, which is not a short-term capital asset, the authorised person responsible–– (i) for remitting such sum to the non-resident Indian; or (ii) for crediting such sum to his Non-resident (External) Account maintained as per the provisions of the Foreign Exchange Management Act, 1999, and any rules made thereunder;

(d)

in the case of furnishing of information relating to payment to a non-resident, not being a company, or to a foreign company, of any sum, whether or not chargeable under the provisions of this Act–– (i) the payer himself; or (ii) if the payer is a company, the company itself including the principal officer thereof;

(e)

in the case of credit, or, as the case may be, payment of any other sum chargeable under the provisions of this Act–– (i) the payer himself; or (ii) if the payer is a company, the company itself including the principal officer thereof;

(f)

in the case of credit, or as the case may be, payment of any sum chargeable under the provisions of this Act made by or on behalf of the Central Government or the State Government–– (i) the drawing and disbursing officer; or (ii) any other person, by whatever name called, responsible for crediting, or paying such sum;

(g)

in the case of a person not resident in India–– (i) the person himself; or (ii) any person authorised by such person; or (iii) the agent of such person in India including any person treated as an agent under section 306, where the expression “authorised person” shall have the same meaning as assigned to it in section 2(c) of the Foreign Exchange Management Act, 1999;