Is a proprietor not having Tax Audit u/s 44AB of IT Act,1961 is liable to collect TCS on sale of coal for trading purpose?
1 Replies
sreekanth.ca
(CA Job)
(39 Points)
Replied 28 November 2013
No, As per section 206C, TCS (Tax Collection at Source) is Applicable for Individual ,Only who are Liable for Tax Audit under Section 44AB of Income Tax Act.
Since in your case, The Individual is Not Liable for Tax Audit, No TCS Collection is Required.
You can Get all the Information on TCS In the below Page
Link: https://www.exploreincometax.com/Income-tax-Ready-Reckoners/tcs-rates-tcs-compliances
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
