Sir,
Could you plesae let me know is there any latest notificatoin regarding TCS CHARGES ON SCRAP SALES. And also please confirm HOW MUCH CHARGES (PERCENTAGE) we need to collect.
Please Confirm
Thanks & Regards
Bhaskar
Bhaskar Burra (Execution Executive) (66 Points)
19 November 2012Sir,
Could you plesae let me know is there any latest notificatoin regarding TCS CHARGES ON SCRAP SALES. And also please confirm HOW MUCH CHARGES (PERCENTAGE) we need to collect.
Please Confirm
Thanks & Regards
Bhaskar
DAYANANDA K N
(ACCOUNTS EXCECUTIVE)
(575 Points)
Replied 19 November 2012
Scrap for TCS under income tax is "waste and scrap from the manufacture or mechanical working of materials which is definetely not usable as such because of brekage, cutting up, wear and other reasons.
If your scrap falls under the above catergory than you need to collect TCS @ 1%.
Refer Sec 206C of IT act for more details.
Regards
Dayananda
CAclubindia
