27 November 2008
My company makes sale of scrap to a scrap merchant, so TCS is applicable in this case. I want to know the rate of TCS for A.Y 2009-10 & wether TCS is to be paid from the sale proceeds or it is to be collected seperately from the scrap merchant.
E.g-- If say scrap worth Rs 1000 is sold and I need to collect TCS and pay it.Will I pay the tax from above Rs 1000 which means I am paying tax from my own money for another person, also what will be the accounting entry for TCS when I record the sale transaction in my books.
CAclubindia
