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Scrap sold................

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Querist : Anonymous

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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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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