Hii
Can anyone plz tell me whether a registered trust is liable for collection of tax at source on scrap sale its urgent....
1 Replies
RAJU
(LEARNER)
(1089 Points)
Replied 18 June 2010
Dear Manas,
Section 206C defines Scrap as below;
“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 and other reasons;
If the scrap likely to be sold falls within the above definition, you are required to collect tax at source.
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