19 January 2010
TCS applicable @1% on scrap of Iron or wood and if manufacturer provide Form 27C declaration then no TSC on sale of scrap to manufacturer.
Forms for furnishing TDS/TCS returns under section 206 and 206C(5A). New forms, Form No.24 (Returns of TDS form Salary), Form No.26 (TDS from payments other than Salary), Form No. 27 (TDS from payments made to non-residents) and Form No. 27E (Returns of TCS) have been notified. From 1/4/2005, all returns of TDS/TCS will have to be in the new forms only. Returns which are filed in old forms will not be accepted. Any late returns of TDS/TCS for earlier financial years will also have to be in the new forms. [S O 456(E)] Rules and Forms for quarterly statements of TDS/TCS under section 200(3) and proviso to section 206C(3) New rules and forms have been inserted in the Income tax Rules for enabling filing of quarterly statements of deduction / collection at source under section 200(3) and proviso to section 206C93) in respect of tax deducted/collected at source on or after 01/04/2005.
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