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sai (student)     16 August 2010

Failure in collecting TCS

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??

 1 Replies

Aditya Maheshwari

Aditya Maheshwari (CA in Practice)     16 August 2010

No disallowance could be made as it is your income and not expenses. Penalty and interest could be levied for non collection.

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