TaxTMI 
TaxTMI 
TaxTMI 
Collection of TCS
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....ollection of TCS<br> Query (Issue) Started By: - vishal v Dated:- 1-2-2010 Last Reply Date:- 3-2-2010 Income Tax<br>Got 4 Replies<br>Income Tax<br>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 ....
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....consultation free of cost. The query and related information provided are not suitable for discussion forum. The issue must contain full facts, 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....
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.... this issue is a general issue and may be relevant for each manufacturer selling scrap arising out of manufacturing process. Section 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 Explanati....
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....on below the section 206C as "scrap" means waste and scrap from the manufacture or mechanical working of materials which is definitely 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 sell....
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....er can take a declaration in prescribed form.<br> Discussion Forum - Knowledge Sharing ....