IF TCS IN NOT DEDUCTED ON SCRAP SALE THEN WHAT WILL BE CONSEQUENCES?
PLS TELL IT'S URGENT
CA. Rajat Tayal (Chartered Accountant) (64 Points)
23 September 2009IF TCS IN NOT DEDUCTED ON SCRAP SALE THEN WHAT WILL BE CONSEQUENCES?
PLS TELL IT'S URGENT
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 23 September 2009
Dear Mr. Rajat,
Penalty for failure to collect tax at source.
Also it is advisable to pay TCS amount from your own pocket right nw and try to collect from the buyer in future.
Thanks
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