Tcs

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tharun

tharun (Querist)
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26 December 2013 Wat is TCS and why its levied on scrap sales ??? please elaborate in detail !!
thank you

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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26 December 2013 TCS is levied under Section 206C of the Income Tax Act.

As per the said section TCS is to be collected by the SELLER from the BUYER @ 1% of the sale of scrap.

tharun

tharun (Querist)
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26 December 2013 what are the other types of tcs ??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 December 2013 (i) Alcoholic Liquor for human consumption
(ii) Tendu leaves
(iii) Timber obtained under a forest lease
(iv) Timber obtained by any mode other than under a forest lease
(v) Any other forest produce not being timber or tendu leaves
(vi) Scrap
(vii) Minerals, being coal or lignite or iron ore

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