Scrap sold................
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2012
I sold scrap to someone with value of Rs.10050/- so whats the enry in the book of account? Any part of tax on that? Scrap material sold in gujrat. Please help me here………………
Thanks in advance.
Thanks in advance.
28 March 2012
TCS @ 1% is required to be collected on sale of scrap if the scrap resulted from a manufacturing activity.
Entry will be:
Bank A/c Dr
To Sale of Scrap
To TCS Payable
This sale of scrap is your income and is taxable under the head Income from Business or Profession.
Entry will be:
Bank A/c Dr
To Sale of Scrap
To TCS Payable
This sale of scrap is your income and is taxable under the head Income from Business or Profession.
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