Sir,
Could you plesae let me know is there any latest notificatoin regarding TCS CHARGES ON SCRAP SALES. And also please confirm HOW MUCH CHARGES (PERCENTAGE) we need to collect.
Please Confirm
Thanks & Regards
Bhaskar
Menu
Tcs charges
Replies (1)
Scrap for TCS under income tax is "waste and scrap from the manufacture or mechanical working of materials which is definetely not usable as such because of brekage, cutting up, wear and other reasons.
If your scrap falls under the above catergory than you need to collect TCS @ 1%.
Refer Sec 206C of IT act for more details.
Regards
Dayananda
Recent Threads
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
- Regarding cancellation of GST Number
- GST on business receipts pre -registration
- A Restaurant registered under the Composition Sche
Related Threads
CAclubindia
