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Tcs on sale of scrap

Others 564 views 3 replies

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. 

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.


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