Regarding Scrap
This query is : Resolved
Quick Summary
jignesh sitapara
(Querist)
07 January 2024
Dear Experts,
My Client sale aluminum scrap, heavy melting scrap etc.... In this case any liability TCS on these scrap ??
My Client sale aluminum scrap, heavy melting scrap etc.... In this case any liability TCS on these scrap ??
CA R SEETHARAMAN
(Expert)
07 January 2024
Section 206C of the Income Tax Act, 1961 covers goods on which sellers must collect TCS (Tax Collected at Source) from their purchaser. However, it is only applicable for specified goods. It includes scrap.
jignesh sitapara
(Querist)
07 January 2024
Sir, It's covered under specified goods. And my client is only trader. No any activity in manufacturing. Then ?
07 January 2024
TCS applicable u/s 206C for scrap sales. It's applicable Trader also... means TCS collectible is applicable for selling scrap...
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jignesh sitapara
(Querist)
08 January 2024
Sir, if the buyer not file ITR then what to do in this case ? And 1% tcs or 20% tcs ?
08 January 2024
No issues if buyer filed ITR or not. Collect PAN number and collect TCS 1%.
jignesh sitapara
(Querist)
08 January 2024
Thank you very much Sir.
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