tds

what is tcs

tcs means tax collection at source

when co. sale scrap it can collect tcs on its saleable value

i.e. @ 1% tcs + surcharge +education cess

TCS REFERS TO TAX COLLECTED AT SOURCE IT IS COVERED U/S 206A OF THE IT ACT. IT IS QUITE SIMILAR TO TDS

HOW 2 COMPUTE TCS

ALCOHOLIC LIQUOR FOR HUMAN CONSUMPTION, SCRAP  @ 1%

PARKING LOT, TOLL PLAZA @ 2%

ANY FOREST PRODUCE, TIMBER OBTAINED BY ANY MEANS, TENDU LEAVES @ 2.5%