I read somewhere that the seller of scrap items is supposed to collect tax at source. (TCS) Hope I'm right. If he fails to collect it whats the consequence. Like, non deduction of TDS attracts disallowance. But TCS is collected on income!!! Any idea on the consequences and the auditor's responsibilty in reporting??
1 Replies
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 16 August 2010
No disallowance could be made as it is your income and not expenses. Penalty and interest could be levied for non collection.
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