TCS on scrap

[venkat eswaran]

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

AI Summary

Tax Collected at Source on scrap sales requires collection by the seller, with exemption for buyer declaration of manufacturing use.
Tax Collected at Source applies to scrap sales: the seller must collect TCS from the buyer at the prescribed rate, with an exemption available when the buyer submits a declaration that the scrap is purchased for manufacturing and not for trading.