09 December 2011
Assessee having business of restaurant and Bar, due to volume of transactions assessee having large scrap. however such scrap is not born by the manufacturing but at the time of providing the services to the customer. 1) Whether tcs would required to be deducted? 2) at what %?
09 December 2011
No TCS is required to be collected as the scrap does not come under the definition criteria of scrap as defined u/s 206 of income tax act.
09 December 2011
Tax collection at source: 1.Alcoholic liquor for human consumption-1% 2.Tendu leaves-5% 3.Timber obtained under forest lease-2.5% 4.Any other forest produce other than tendu leaves and timber-2.5% 5.Scrap-1% 6.Parking lot-2% 7.Toll plaza-2% 8.Mining & quarrying-2%
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