At what price tax collection at source should be charge
This query is : Resolved
28 November 2012
Dear Friends
At what price Tax Collection at source should be charge on scrap (means including or Excluding of VAT)as per Income Tax Act?
Please suggest answer with supporting.
At what price Tax Collection at source should be charge on scrap (means including or Excluding of VAT)as per Income Tax Act?
Please suggest answer with supporting.
28 November 2012
TCS will be levied on the amount inclusive of taxes (VAT/CST).
This is so because Section 206C provides that TCS shall be computed on the amount payable by the buyer to the seller.
The amount payable by the buyer to the seller includes the amount of taxes.
This is so because Section 206C provides that TCS shall be computed on the amount payable by the buyer to the seller.
The amount payable by the buyer to the seller includes the amount of taxes.
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