Tcs on scrap
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2011
Assessee having business of restaurant and Bar, due to volume of transactions assessee having large scrap. however such scrap is not born by the manufacturing but at the time of providing the services to the customer.
1) Whether tcs would required to be deducted?
2) at what %?
1) Whether tcs would required to be deducted?
2) at what %?
09 December 2011
No TCS is required to be collected as the scrap does not come under the definition criteria of scrap as defined u/s 206 of income tax act.
09 December 2011
Tax collection at source:
1.Alcoholic liquor for human consumption-1%
2.Tendu leaves-5%
3.Timber obtained under forest lease-2.5%
4.Any other forest produce other than tendu leaves and timber-2.5%
5.Scrap-1%
6.Parking lot-2%
7.Toll plaza-2%
8.Mining & quarrying-2%
1.Alcoholic liquor for human consumption-1%
2.Tendu leaves-5%
3.Timber obtained under forest lease-2.5%
4.Any other forest produce other than tendu leaves and timber-2.5%
5.Scrap-1%
6.Parking lot-2%
7.Toll plaza-2%
8.Mining & quarrying-2%
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- 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
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
