Regarding Scrap
This query is : Resolved
07 January 2024
Dear Experts,
My Client sale aluminum scrap, heavy melting scrap etc.... In this case any liability TCS on these scrap ??
My Client sale aluminum scrap, heavy melting scrap etc.... In this case any liability TCS on these scrap ??
07 January 2024
Section 206C of the Income Tax Act, 1961 covers goods on which sellers must collect TCS (Tax Collected at Source) from their purchaser. However, it is only applicable for specified goods. It includes scrap.
07 January 2024
Sir, It's covered under specified goods. And my client is only trader. No any activity in manufacturing. Then ?
07 January 2024
TCS applicable u/s 206C for scrap sales. It's applicable Trader also... means TCS collectible is applicable for selling scrap...
Message likes :
1 times
08 January 2024
Sir, if the buyer not file ITR then what to do in this case ? And 1% tcs or 20% tcs ?
08 January 2024
No issues if buyer filed ITR or not. Collect PAN number and collect TCS 1%.
08 January 2024
Thank you very much Sir.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
