Tds on sale of old capital machinery

Others 2622 views 1 replies

Dear 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

Replies (1)

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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