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TCS on scrap, Income Tax

Issue Id: - 111709
Dated: 30-3-2017
By:- venkat eswaran

TCS on scrap


  • Contents

Dear All,

We used to make scrape invoice appr for 1 lakh in a year in various dates. Whether we have to add TCS on this?

If TCS added after that we have to file TCS return like TDS qutrly return anything ? Any exemption limit for TCS transactions?

Pl clarify

thanks in advance

Venkat

Posts / Replies

Showing Replies 1 to 2 of 2 Records

Page: 1


1 Dated: 30-3-2017
By:- Ganeshan Kalyani

Please refer Section :

Section 206C : Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.

1% TCS is required to be collected from the buyer by the seller of scrap.

Exemption is available if the buyer submits declaration that the scrap bought is for the purpose of manufacturing and not for trading.

Please refer the Section.

Thanks


2 Dated: 1-4-2017
By:- MARIAPPAN GOVINDARAJAN

I endorse the views of Shri Ganeshan


Page: 1

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