TCS ON SCRAP SALE..
This query is : Resolved
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Suresh S. Tejwani
(Querist)
01 April 2026
TCS RATE ON SCRAP SALE FOR F.Y.2026-2027 AND UNDER WHICH SECTION NEEDS TO BE COLLECTED?
Dhirajlal Rambhia
(Expert)
01 April 2026
Applicable Section: Tax must be collected under Section 394 of the Income Tax Act, 2025. This new Act replaces the Income Tax Act, 1961, starting April 1, 2026.
Revised Rate: A uniform rate of 1% applies to scrap sales.
Revised Rate: A uniform rate of 1% applies to scrap sales.
Ram Avtar Singh
(Expert)
02 April 2026
As per Income Tax,2025, use (Code 1073 ) under section 394(1) [Table: SL. No.4] Sale of Scrap TCS Applicable@2%
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