Collection of TCS

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... whether TCS has to be collected from the buyer if he is a manufacturer on scrap sales thank you - Reply By CA UMA KOTHARI - The Reply = In my personal view this is a column to discuss and share knowledge and information and not simpy to get information or consultation free of cost. The query and related information provided are not suitable for discussion forum. The issue must contain full fac .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ts, and basic information gathered by the query raiser and then only a discussion can be initiated. - Reply By DEV KUMAR KOTHARI - The Reply = I agree with Mrs. Uma Kothari - Reply By Surender Gupta - The Reply = I do not agree with the views of CA UMA KOTHARI since this issue is a general issue and may be relevant for each manufacturer selling scrap arising out of manufacturing process. Secti .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... on 206C of the Income Tax provides the provision for Tax Deduction at Source. According to the taxable given under sub section (1), TCS is required to be collected on sale of scrap at 1%. The meaning of Scrap for the purpose of TCS is given under clause (B) of Explanation below the section 206C as "scrap" means waste and scrap from the manufacture or mechanical working of materials which is defini .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tely not usable as such because of breakage, cutting up, wear and other reasons. - Reply By Surender Gupta - The Reply = In addition to above, no TCS is required to be collected where such scrap is to be used in further manufacturing activity by the buyer. Manufacturer seller can take a declaration in prescribed form. - Collection of TCS - Query Started By: - vishal v Dated:- 1-2-2010 Income Tax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... - Got 4 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X