Hi,
recently we have sold some scrap of Rs 15000(old & useless material) & will receive cash for the same. is TCS applicable for us @ 1% No other transaction during the year.
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Tcs on sale of scrap
Replies (3)
TCS is not applicable .
TCS is applicable only on manufactured sraps
If you are liable to tax audit for the previous year u/s 44ab, then TCS is applicable.
No need to collect tax only if, the buyer uses such scrap for the purpose of manufacturing and not for trading, provided he shall furnish a declaration to that effect in the prescribed manner as per sec.206C.
No need to collect tax only if, the buyer uses such scrap for the purpose of manufacturing and not for trading, provided he shall furnish a declaration to that effect in the prescribed manner as per sec.206C.
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