Exemption for tcs
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 November 2013
We are auditors of Reserve Bank of India.
They make brickels of mutilated notes and sell them as scrap.
Last time they sold them for amount around 170000. The income of the buyer is falling below the exemption limit.(declaration has been received from buyer regarding his income)
My querry is that:
1.Wether RBI is required to collect TCS or not.
2.Wether brickels of mutilated notes fall in the definition of the scrap.
3. Wether RBI falls in the definition of SELLER in case of sell of such scrap.
They make brickels of mutilated notes and sell them as scrap.
Last time they sold them for amount around 170000. The income of the buyer is falling below the exemption limit.(declaration has been received from buyer regarding his income)
My querry is that:
1.Wether RBI is required to collect TCS or not.
2.Wether brickels of mutilated notes fall in the definition of the scrap.
3. Wether RBI falls in the definition of SELLER in case of sell of such scrap.
23 November 2013
1. If you really are the auditors of RBI, you should not be sharing such queries here.
2. It seems that RBI is required to collect TCS.
3. whether such notes are scrap - its debatable.
4. the definition leaves no one out. So yes RBI shall also be covered
other experts may comment.
2. It seems that RBI is required to collect TCS.
3. whether such notes are scrap - its debatable.
4. the definition leaves no one out. So yes RBI shall also be covered
other experts may comment.
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