Hi,
recently we have sold some scrap of Rs 15000(old & useless material) & will receive cash for the same. is TCS applicable for us @ 1% No other transaction during the year.
3 Replies
Piyush Tanwar
(Assistant Manager - Accounts)
(1432 Points)
Replied 27 April 2017
TCS is not applicable .
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 27 April 2017
TCS is applicable only on manufactured sraps
Ajit Hegde
(CA - Final)
(1367 Points)
Replied 27 April 2017
If you are liable to tax audit for the previous year u/s 44ab, then TCS is applicable.
No need to collect tax only if, the buyer uses such scrap for the purpose of manufacturing and not for trading, provided he shall furnish a declaration to that effect in the prescribed manner as per sec.206C.
No need to collect tax only if, the buyer uses such scrap for the purpose of manufacturing and not for trading, provided he shall furnish a declaration to that effect in the prescribed manner as per sec.206C.
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