Tax collected at source
This query is : Resolved
22 October 2007
The company had made export of raw cotton waste during the year. whether the co is liable to collect tax at source on same..
22 October 2007
UNDER SECTION 206 C OF INCOME TAX ACT, EVERY PERSON BEING A SELLER SHALL COLLECT FROM BUYER OF GOODS SPECIFIED IN SEC 206 C(1) TAX AT SOURCE.
ONE SUCH GOODS SPECIFIED IS SCRAP.
SCRAP WAS DEFINED AS WASTE AND SCRAP FROM MANUFATURE OR MECHANICAL WORKING OF MATERIALS WHICH IS NOT DEFINITELY USABLE AS SUCH BECAUSE OF BREAKAGE, CUTTING UP, WEAR AND OTHER REASONS.
THUS UNLESS YOUR COMPANY GENERATES THE WASTE FROM OUT OF MANUFACTURE OR MECHANICAL WORKING,IT DOES NOT APPLY TO YOUR CASE AND HENCE YOU ARE NOT LIABLE IF YOU ARE NOT COVERED AS SUCH A MANUFACTURER.
R.V.RAO
ONE SUCH GOODS SPECIFIED IS SCRAP.
SCRAP WAS DEFINED AS WASTE AND SCRAP FROM MANUFATURE OR MECHANICAL WORKING OF MATERIALS WHICH IS NOT DEFINITELY USABLE AS SUCH BECAUSE OF BREAKAGE, CUTTING UP, WEAR AND OTHER REASONS.
THUS UNLESS YOUR COMPANY GENERATES THE WASTE FROM OUT OF MANUFACTURE OR MECHANICAL WORKING,IT DOES NOT APPLY TO YOUR CASE AND HENCE YOU ARE NOT LIABLE IF YOU ARE NOT COVERED AS SUCH A MANUFACTURER.
R.V.RAO
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