TCS

This query is : Resolved

K Raghavan (Querist)
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10 December 2009 Scrap arising out of manufacture is sold to a petty dcrap dealer who does not have a PAN. Without PAN will I be able to remit TCS and file e-Return? Is there any threshhold limit for scrap sales to attract TCS provisions just like Rs 20,000 in TDS provision u/s 194C?

Ram Avtar Singh

Ram Avtar Singh (Expert)
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10 December 2009 No such thresh hold limit .

excise Duty ,sales tax and TCS applicable on sale of scrap at the rate applicable at the time of sale.

sanjeev

sanjeev (Expert)
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10 December 2009 Dear,

Your company/organisation must have TAN and PAN Number.
Because while depositing the TCS your TAN Number should be quoted and you can deposit the TCS accordingly.
Further, as per Income Tax Act, PAN Number of the person from whom TCS is mandatorily required to be quoted while the TCS return otherwise software would not generate the return. In that case if any notice raised by department then you can show the challan as well as bill raised and take in written from the TCS payer that he has not had any PAN No.

By this you would be safer.
As your motive is to collect the tax and deposit the same.
Hence you would clear your side very safely.
There is not any minimum or maximum limit there for giving the TCS expemption.

Best
Sanjeev

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