Hii
Can anyone plz tell me whether a registered trust is liable for collection of tax at source on scrap sale its urgent....
manas shukla (Article) (44 Points)
17 June 2010Hii
Can anyone plz tell me whether a registered trust is liable for collection of tax at source on scrap sale its urgent....
RAJU
(LEARNER)
(1089 Points)
Replied 18 June 2010
Dear Manas,
Section 206C defines Scrap as below;
“scrap” means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons;
If the scrap likely to be sold falls within the above definition, you are required to collect tax at source.
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