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Tcs on coal

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(Querist)
28 January 2013 IF WE ARE SELLING STEAM COAL, WHETHER WE ARE LIABLE FOR TCS @ 1%. iF WHETHER FOLLOWING CALCULATIONS IS RIGHT 1% OF (SALE+VAT) = TCS AFTER CHARGING TCS, IF WE NEED TO HAVE NEW NUMBER? WHETHER SAME TCS IS CLAIMABLE BY PURCHASE AGAINST THEIERS INCOME TAX LIAB.

IF BUYER SUBMITS A DECLARATION THAT SAME IS USED FOR PERSONAL CONSUMPTION, WHETHER THERE IS NO LIAB OF TCS.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
28 January 2013 Yes sir, you have to collect in the above said manner only. No new number is required. Your TAN No. works in both the cases of TDS and TCS.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
28 January 2013 For declaration - the purpose should be utilising the goods in manufacturing , processing , power generation etc. Do not forget to file the declation with the Chief Commissioner. For more details -
Please definitely refer Section 206C(1A) and (1B).
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