anish
(Chartered Accountant)
(118 Points)
Replied 04 June 2008
Brahma Reddy
(Manager Accounts)
(57 Points)
Replied 04 June 2008
sachin
(article clerk)
(35 Points)
Replied 06 June 2008
tcs means tax collection at source
when co. sale scrap it can collect tcs on its saleable value
i.e. @ 1% tcs + surcharge +education cess
Rohit Agarwal
(AGM (Accounts))
(269 Points)
Replied 06 June 2008
TCS REFERS TO TAX COLLECTED AT SOURCE IT IS COVERED U/S 206A OF THE IT ACT. IT IS QUITE SIMILAR TO TDS
HOW 2 COMPUTE TCS
ALCOHOLIC LIQUOR FOR HUMAN CONSUMPTION, SCRAP @ 1%
PARKING LOT, TOLL PLAZA @ 2%
ANY FOREST PRODUCE, TIMBER OBTAINED BY ANY MEANS, TENDU LEAVES @ 2.5%
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