09 June 2015
Dear Expert Team members, A book publishing company does not has its own production of books. It receives the printed books from printers and sells to distributors. Due to publication business, some inventory of old edition becomes non-unsaleable normally and hence is sold for further pulping. Is this transaction by publication company liable for TCS collection.
09 June 2015
Defination as per Income tax "scrap" means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons Thus no TCS in current case
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