TCS ON SALE OF SCRAP UNDER SECTION 206C
This query is : Resolved
Suresh S. Tejwani
(Querist)
29 June 2024
Whether sale of paper waste is covered under the definition of scrap and TCS would be applicable on same under section 206C?
CA R SEETHARAMAN
(Expert)
29 June 2024
No, Section 206C of the Income Tax Act, 1961 covers goods on which sellers must collect TCS (Tax Collected at Source) from their purchaser. However, it is only applicable for specified goods. It includes scrap, alcohol for human consumption, forest produce, minerals like coal and iron ore, timber, and tendu leaves.
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