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TCS ON SCRAP SALES

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(Querist)
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?
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Rahul Vora

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Rahul Vora (Expert)
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.
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CA SANJAY MUKHERJEE

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CA SANJAY MUKHERJEE (Expert)
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.
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CA. Rishabh Mittal

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CA. Rishabh Mittal (Expert)
26 November 2009 Yes, Auditor will only mention in his audit report.
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N.Avinash Karthic

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N.Avinash Karthic (Querist)
26 November 2009 Thank you!
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