Tcs (on scrap) under income tax act to be collected during first year of doing business

Under TCS, a seller is defined as any of the following:

• • Central Government

  • State Government

  • Any Local Authority

  • Any Statutory Corporation or Authority

  • Any Company

  • Any Partnership Firm

  • Any Co-operative Society

  • Any individual/HUF whose total sales or gross receipts exceed the prescribed monetary limits as specified under section 44AB during the previous year

A buyer is classified as a person who obtains goods or the right to receive goods in any sale, auction, tender or any other mode. The following are not included:

• • Public Sector Companies

  • Central Government

  • State Government

  • Embassy of High Commission, Consulate and other Trade Representation of a Foreign State

  • Any Club, such as social clubs, sports clubs and the like