Dear All,
Please clarify on which amount should TCS be collected. The company has made a scrap sale of Copper wire to its Purchase vendor. The value of scrap sold is Rs.70,500 and has charged VAT at the rate of 5% amounting to Rs.3525 on such scrap. Now should the company collect TCS on scrap value or including the VAT portion?
Also, can the company treat such sale amount of Rs.70500 as discount (since it is made to purchase vendor) and account it the same way?
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 | ||
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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. |
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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
CAclubindia
