I have sold scrap of iron to a party and deducted TDS on it. Then the same party sold me raw material and both sale and purchase transaction is more than 50 lakhs. Can I deduct TDS on both sale of scrap as well as purchase of raw material?
For sale of Scrap you have to collect TCS as per section 206C of the Income tax act . please refer section 206C , In case of TDS you have to refer provisions of section 194 Q of the Income tax act are applicable or not .
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