Is TCS applicable on Sale of Scrap by Mushroom Production Company?
Is statutory liability of TCS Return also applicable on the company?
1 Replies
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.
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
