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Tcs charges

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Bhaskar Burra

Execution Executive

30 Points Posted on 19 November 2012

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

Replies (1)

DAYANANDA K N

ACCOUNTS EXCECUTIVE

541 Points Posted on 19 November 2012

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