Retreading of tyres for sec 206c
This query is : Resolved
06 May 2016
Dear Friends Very Good Morning.
Kindly advise me on the following issue:
Whether "retreading of OTR & Light Vehicle Tyres and reconditioning / repairing of conveyor belts" is a manufacturing process for the purpose of TCS under Section 206C of Income Tax Act.
What is the meaning of "manufacturing, processing or producing articles or goods...." for the purpose of Income Tax Act. Whether the meaning or explanation has to be taken as per Excise Act.
Pl suggest case laws also.
Thanks and Regards
Narendra Kumar
Kindly advise me on the following issue:
Whether "retreading of OTR & Light Vehicle Tyres and reconditioning / repairing of conveyor belts" is a manufacturing process for the purpose of TCS under Section 206C of Income Tax Act.
What is the meaning of "manufacturing, processing or producing articles or goods...." for the purpose of Income Tax Act. Whether the meaning or explanation has to be taken as per Excise Act.
Pl suggest case laws also.
Thanks and Regards
Narendra Kumar
06 May 2016
retreading not process scrap, who's liable to TCS. tcs applicable on scrap generate during the mfg process. its means you are producing somthing like iron pipe, and then iron cutting etc generate during the this process, its not use as is it , then its liable to TCS.
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