Tcs on scrap

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kalyani Khetle

kalyani Khetle (Querist)
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07 April 2012 how to pay TCS on scrap
Nature of payment select for if
for e.g. 94-C labour contract

Ravindra Srinivasa

Ravindra Srinivasa (Expert)
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08 April 2012 Hi Kalyani,
TCS is applicable on the following transactions.

1. Alcoholic liquor for human Consumption TCS @ 1%

2. Tendu leaves @ 5%

3. Timber obtained under forest lease @ 2.5%

4. Timber obtained by any mode other than a forest lease @ 2.5%

5. Any other forest produce not being timber or tendu leaves @ 2.5%

6. Scrap @ 1%

7. Parking lot @ 2%

8. Toll plaza @ 2%

9. Mining & Quarrying @ 2%

TCS is covered u/s 206 of the Income Tax Act.