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Tax on scrap

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(Querist)
19 March 2014 what is the procedure to sell old iron boiler & its parts to scraper.
is there any kind of tax on sale of old iron ( in Punjab )

If yes than rate of tax , etc

Kindly Help...
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CA Manish Sharma

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CA Manish Sharma (Expert)
19 March 2014 Your buyer will collect TCS from you @ 1% and will deposit to the Central Govt account. He will also provide you the 27D as TCS certificate.
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Gurwinder Singh

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Gurwinder Singh (Querist)
20 March 2014 Thank you so much sir...
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