A COMPANY HAD SOLD SOME WOODEN SCRAP ( PACKING MATERIAL ETC ) TO A LOCAL SCRAP DEALER FOR SALE CONSIDERATION OF RS. 125000.00 . COMPANY HAS FAILED TO COLLECT TCS . COMPANY VEIW THAT WOODEN SCRAP (PACKING MATERIAL ) IS NOT UNDER PERVEIW OF TCS , WHETHER COMPANY IS CORRECT OR IF NOT HOW IT WILL AFFECT AUDIT REPORT ?
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Scrap wood
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Scrap arising out of manufacturing activities alone attracts TCS. since the company has sold packing material earlier purchased, TCS is not applicable
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