Tcs On Trading Bussiness of Scrap
This query is : Resolved
CA Chintan Parikh
(Querist)
20 March 2010
Dear Sir,
I m trading of Scrap From One Party two onther Party Than I m trader so me liable to deduct tcs or not
I m trading of Scrap From One Party two onther Party Than I m trader so me liable to deduct tcs or not
Ram Avtar Singh
(Expert)
20 March 2010
Seler of Scrap is lible to Deduct TCS on sale of scrap.
CA Chintan Parikh
(Querist)
20 March 2010
Dear sir For example Me Purrchase From A Party & than i Trade that good to B in this case me liable to deduct TCs
Ram Avtar Singh
(Expert)
20 March 2010
yes
20 March 2010
AGREE
Bimal Thacker
(Expert)
20 March 2010
No- According to me you are not liable for TCS. Scrape has been defined as waste and scrape from manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up wear & other reason.
From the definition in case of sale of scrape, the provision would apply to only those sellers who are engaged in the business of manufacturing or mechinical working of materials.
As in your case it is trading, the TCS not apply.
From the definition in case of sale of scrape, the provision would apply to only those sellers who are engaged in the business of manufacturing or mechinical working of materials.
As in your case it is trading, the TCS not apply.
Ram Avtar Singh
(Expert)
21 March 2010
Manufacturer give 27C declaration form for none deduction of TCS so it will exempt to meufacturer
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