TCS on scrap, Income Tax

[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

Posts / Replies

[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

[MARIAPPAN GOVINDARAJAN]

I endorse the views of Shri Ganeshan