Tcs u/s 206c
This query is : Resolved
19 July 2016
Our company has dismantled it's distillery plant for expansion purposes from 25 KL to 45 KL capacity. The copper scrap arising out of dismantling is being sold. Do we need to collect TCS@1% u/s 206 C of Income Tax Act,as Scrap is not generated by way of manufacturing or processing of materials. R.Dayal(19/7)
19 July 2016
If the buyer gives declaration in form 27C, no need to collect tax, otherwise 1% collection is required.
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