A COMPANY HAD SOLD SOME WOODEN SCRAP ( PACKING MATERIAL ETC ) TO A LOCAL SCRAP DEALER FOR SALE CONSIDERATION OF RS. 125000.00 . COMPANY HAS FAILED TO COLLECT TCS . COMPANY VEIW THAT WOODEN SCRAP (PACKING MATERIAL ) IS NOT UNDER PERVEIW OF TCS , WHETHER COMPANY IS CORRECT OR IF NOT HOW IT WILL AFFECT AUDIT REPORT ?
1 Replies
Prashant Kini
(Article Assistant)
(154 Points)
Replied 11 October 2013
Scrap arising out of manufacturing activities alone attracts TCS. since the company has sold packing material earlier purchased, TCS is not applicable
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