We are a Manufacturer of Packaging Materials, As a part of Process We also Produce Wastage, while selling of this wastage i it mandatory to Collect TCS under Section 206C , Further Buyer using this Wastage for Manufacturing of other articles....
2 Replies
CA Abhay Parsolia
(CA)
(20 Points)
Replied 10 February 2023
Section 206C of the Income Tax Act, 1961 covers goods on which sellers must collect TCS (Tax Collected at Source) from their purchaser.
However, it is only applicable for specified goods. It includes scrap. So, you have to compulsorily deduct TDS
However, it is only applicable for specified goods. It includes scrap. So, you have to compulsorily deduct TDS
Naja Zala
(8 Points)
Replied 10 February 2023
Definition of Scrap includes Wastage of Paper and Paperboard or not ?
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