I read somewhere that the seller of scrap items is supposed to collect tax at source. (TCS) Hope I'm right. If he fails to collect it whats the consequence. Like, non deduction of TDS attracts disallowance. But TCS is collected on income!!! Any idea on the consequences and the auditor's responsibilty in reporting??
Menu
Failure in collecting TCS
Replies (1)
No disallowance could be made as it is your income and not expenses. Penalty and interest could be levied for non collection.
Recent Topics :
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
Related Topics :
CAclubindia
