Tcs on sale of scrap(old gunny bags)
This query is : Resolved
27 November 2014
Dear all established professionals,
please help me out
the company is in liqour manufacturing industry and it has old gunny bags left which it sells as scrap, now whether TCS should be collected on such transaction and whether old gunny bags comes in definition of scrap under it act 1961.
thank you
please help me out
the company is in liqour manufacturing industry and it has old gunny bags left which it sells as scrap, now whether TCS should be collected on such transaction and whether old gunny bags comes in definition of scrap under it act 1961.
thank you
27 November 2014
Please Consider that TCS is collected on Manufacturing Scrap Only.
The word "Manufacturing" have importance in TCS, if scrap is produced after manufacturing process TCS will be applicable otherwise NOT
In your present case it seems that it is packing material comes with raw material or other material, in that case TCS will not be applicable
Please Consider that TCS is collected on Manufacturing Scrap Only.
The word "Manufacturing" have importance in TCS, if scrap is produced after manufacturing process TCS will be applicable otherwise NOT
In your present case it seems that it is packing material comes with raw material or other material, in that case TCS will not be applicable
29 November 2014
tcs no applicable on gunny bags its applicable on the scrap generate during the manufacturing.
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- LIABILITY ADJUSTMENT
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- NRI INSURANCE ADVISOR
- ITR-3 File/Error Found
- Due Date Clarity
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
