Tax collected at source

Sir,

In my view TCS is treated as TDS. So that we have deducted TDS amount on contractor as it TCS also deducted sam.

TCS is calculated on

SALE PRICE + DUTY + VAT.

Company can treat scrap sale as discount. But in this case it would be better to show separately.

Originally posted by : Shruthi
	TCS is calculated on SALE PRICE + DUTY + VAT. Company can treat scrap sale as discount. But in this case it would be better to show separately.

Agree

Dear,

As per your Querry,

TCS is collected on Total Amount ( Sale Amt+ Any Duty). Keep in mind TCS is your as TDS deducted, in filing of return u  will claim that amount.

After some time in your 26AS this TCS amount will also reflect deduct by company. 

As early said. TCS as TDS. you can collect the Tax of the total amount of sale (like TDS) sales value + Duty/Excise Duty+ Vat * Prescribed Rate of TCS ( For scrap sale 1 % is sheduled)

ie 70500 + 5% = 74025* 1% = 740.25

In our case, the company failed to collect TCS. Can they collect it now and remit the same to govt? what is the interest rate for delay in payment?

sir i want to know about TCS on cotton waste 

MR . A purchase cotton from Y farmer then MR .Y processing something he have some scrap he sale that to MR. B he is a manufacture he have some scrap he sale that scrap to MR.C 

who collect TCS here