TCS ON SCRAP SALES
This query is : Resolved
26 November 2009
If TCS is not collected from scrap sales @1 percent by a company, then is there any Liability the company may face at the time of Statutory or Tax audit?
26 November 2009
Yes, incase, a company does not collect TCS from scrap sales there will be a liability on the company at the time of Statuoty or Tax Audit.
26 November 2009
No liabilty arise on Audit. Your auditor will simply mention in the audit report that you have not complied with the Section 206 and penalty will be levised by your assessing office under Section 271CA which is equal to the Tax amount not collected by you.
26 November 2009
Yes, Auditor will only mention in his audit report.
26 November 2009
Thank you!
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