Is TCS applicable on Sale of Scrap by Mushroom Production Company?
Is statutory liability of TCS Return also applicable on the company?
RAHUL MAHAJAN (CA) (166 Points)
11 July 2012Is TCS applicable on Sale of Scrap by Mushroom Production Company?
Is statutory liability of TCS Return also applicable on the company?
Nitesh ujjwal
(ARTICLE ASSISTANT)
(41 Points)
Replied 11 July 2012
"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 adn other reasons."
So your mashroom Co. will also be liable to TCS u/s 206C.
Where the person collecting tax is a company or the CG or a SG, such person shall, in accordance with the provision of this swcction, deliver or cause to be delivered, within the prescribed time after the end of each financial year, such returns on computer media under the said scheme.
so your company needs to furnish return with in prescribed time after the end of each FY.
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