Assesse has sold used computers during FY 2014-15, amounting to Rs. 24,000/-, whether he would be applicable to deduct TDS under the provisions of IT Act
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 10 April 2015
Dear Sir
If computers are sold as Scrap under sectio 206C(b) of Income tax act 1961 than you have to collect TCS amount 1% from Buyer of computer and deposit the same to Govt. on or before due date of Payment.
Meaning of Scrap:- 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;
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
