TAX DEDUCTIONS AT SOURCE
This query is : Resolved
15 September 2007
Dear All
i m working with a retail sector company (pantaloon) and we are selling our scape at stores to contractors ,
i want to know is this transaction attracts the libality of TCS
if yes how and why ?
if No why ?
Pls quote case laws or section
Thx
Dinesh
i m working with a retail sector company (pantaloon) and we are selling our scape at stores to contractors ,
i want to know is this transaction attracts the libality of TCS
if yes how and why ?
if No why ?
Pls quote case laws or section
Thx
Dinesh
16 September 2007
Dear Sir
The term Scrap has been explained in explantion to Sec 206 C of the Income Tax Act 1961.
It covers only the manufacturing scrap and nothing more.
From your version it appears that you carry out trading activity only (purchasing and selling) and no manufacturing activity carried out. If so, there comes no scrap out of manufacturing activity.
Hence (Income) Tax Collection at Source in respect of your shop's scrap does not arise.
The term Scrap has been explained in explantion to Sec 206 C of the Income Tax Act 1961.
It covers only the manufacturing scrap and nothing more.
From your version it appears that you carry out trading activity only (purchasing and selling) and no manufacturing activity carried out. If so, there comes no scrap out of manufacturing activity.
Hence (Income) Tax Collection at Source in respect of your shop's scrap does not arise.
18 September 2007
Thnx
19 November 2007
I agree with the reply
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- TDS Challan Code
- SGST balance is there in credit ledger how to adjust for cgst
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
