TCS ON SCRAP
sachin (article) (78 Points)
19 February 2008
CAN ANYBODY GIVE LINK OR DETAILS REGARDING TCS DEDUCTION ON SCRAP SALE MADE .
15 Replies
ca hitesh
(26 Points)
Replied 19 February 2008
TCS on scrap sale wil be made @ 1%. Scrap means waste and scrap from the manufacture or mechanical working of materials which is definately not usable as such because of breakage, cutting up wear and other reasons.
Tarun
(Student)
(0 Points)
Replied 28 May 2008
hi,
could anyone tell me whether tcs is applicable on sale of scrap from the manufacture or mechanical working of materials or on any scrap sale?
(Guest)
| Originally posted by :Guest | ||
| " |
hi, Hi, Could anybody tell whether tcs is appicable on sale of salvage n with example pls differentiate Salvage vs Scrap. Thanks. |
" |
(Guest)
| Originally posted by :Guest | ||
| " | Kindly give with some examples of case laws on Scrap n TCS and Salvage n TCS. Thanks. |
" |
Rakesh Aggarwal
(Professional)
(53 Points)
Replied 03 September 2008
Hi all,
My company manufactures auto parts, but recently scraped and sold Rotary table (made inhouse from iron sheet cuttings could be waste) to one of its creditors and that creditor uses it as its asset, whether TCS is applicable, Rotary table is never capitalized. Please give opinion with discussion.
Regards,
Rakesh Aggarwal
M H Laskar
(Professional)
(91 Points)
Replied 03 February 2009
I have collect TCS on Sale of Scrap @ 1.133% and similarly deposited the same through E-Payment. Now, I am preparing E-TCS Return and in a point I got confused that in the Challan Details there is a Column before TCS Amount that is Collection Code which has a drop down box containg A, B, C, D, E, F, G, H,I. So, which code should I mention ? Kindly suggest.
Thanking you Sir.
M H Laskar
(Professional)
(91 Points)
Replied 03 February 2009
I have collect TCS on Sale of Scrap @ 1.133% and similarly deposited the same through E-Payment. Now, I am preparing E-TCS Return and in a point I got confused that in the Challan Details there is a Column before TCS Amount that is Collection Code which has a drop down box containg A, B, C, D, E, F, G, H,I. So, which code should I mention ? Kindly suggest.
Thanking you Sir.
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