Suresh Vishwanath (Assistant Manger Finance & Accounts) (24 Points)
07 November 2014Dear All,
We are manufacturing company, we are now selling our Used Machinery which has been used in Production to the Traders & this machinery has been capitalized when we purchased.
Now while selling do we need to collect TCS on sale of this machinery from the buyer. As per the Section 206C of Income Tax Act with respect to sale of old machinery there is no clear statement saying about this.
Kindly advice & thanks in advance for your help
Regards,
Suresh Vishwanath
rohit
(Student CA Final )
(117 Points)
Replied 06 December 2014
TCS is applicable on specified goods listed u/s 206C
Alcoholic liquor for human consumption including Indian Made Foreign Liquor (IMFL)
Tendu leaves
Timber obtained under a forest lease
Timber obtained by any mode other than under a forest lease
Any other forest produce not being Timber or Tendu
Scrap (Scrap means waste and scrap from the manufacture or mechanical working of materials which is usable as such because of breakage, cutting up, wear and tear and other reasons)
Licensing or leasing of Parking Lot, Toll Plaza
Mining
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