Tcs

This query is : Resolved

Report Abuse Follow Query Ask a Query

tharun

tharun (Querist)
Follow

26 December 2013 Wat is TCS and why its levied on scrap sales ??? please elaborate in detail !!
thank you

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

26 December 2013 TCS is levied under Section 206C of the Income Tax Act.

As per the said section TCS is to be collected by the SELLER from the BUYER @ 1% of the sale of scrap.

tharun

tharun (Querist)
Follow

26 December 2013 what are the other types of tcs ??

Upgrade to CAclubindia Pro. Subscribe Now!

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

28 December 2013 (i) Alcoholic Liquor for human consumption
(ii) Tendu leaves
(iii) Timber obtained under a forest lease
(iv) Timber obtained by any mode other than under a forest lease
(v) Any other forest produce not being timber or tendu leaves
(vi) Scrap
(vii) Minerals, being coal or lignite or iron ore