( Author )
05 July 2012
We had a fire in our factory (Corrugated Box Manufacturing Prop. Firm) Few days earlier,
We collected some Destroyed material (like half burnt kraft paper reels, Corr. boxes & Corr. Plates )to sale it as a Salvage Material.
Now we have a query that,
1. Does the rule of TCS ON scrap sale applicable in this situation?
2. If yes, Do we have need to collect TCS from our Buyer who is purchasing Salvage?
3. If yes for Q.1 & not for Q2, do we have need to ask them to submit Exemption Declaration - Form 27C?
Please Guide, Its Very Urgent.
Thanks in Advance.