Failure to collect TCS u/s 206C(1) - trading of scrap - sale of ...

Case Laws Income Tax

January 6, 2022

Failure to collect TCS u/s 206C(1) - trading of scrap - sale of scrap to manufacturer - Period of limitation - assessee being trader, not covered in definition of "scrap", since scrap is not generated from manufacturing or mechanical working of material, therefore the assessee is not covered in definition of ‘scrap’. Hence, in our considered opinion, the assessee cannot be treated as an assessee in default - AT

View Source

← Previous Next →

Failure to collect TCS u/s 206C(1) - trading of scrap - sale of ...

Case Laws Income Tax

January 6, 2022

You may also like:

Tax collected at source (TCS) u/s 206C on sale of scrap - Revenue treated assessee as "defaulter" for non-collection of TCS u/s 206C. Held: Sale categorized into three...

TCS u/s 206C(1) - activity of sale of scrap - to fall under the definition of scrap as given in the Explanation to section 206C of the Act, the term ‘waste’ and ‘scrap’...

Demand u/s 206C(1)/206C(7) - TCS - 206C(1A) mandates person responsible for TCS to not collect taxes if he obtains a declaration from the buyer that he is purchasing the...

TCS u/s 206C - Not collection of tax at source on Old and used plates, Non-excisable (exempted) like furniture, wood, etc., Trading of scrap (melting) and High seas sale...

Failure to collect tax at source (TCS) u/s on the sales - whether the material is scrap or not - assessee failed to collect TCS @ 1% - Since taxes have already been paid...

Non-collection of TCS u/s 206C - there is no ambiguity that the seller of forest product is required to collect tax on forest produce. But the “Minor Forest Product” are...

The Appellate Tribunal considered whether the CIT (A) and AO erred in adding TCS payable u/s 43B, which was not claimed as an expense. The case involved tax collected at...

TCS u/s 206C - TCS & interest liability where the buyer has paid the taxes - sale of ship-breaking scrap against delcaration in Form no. 27C - matter remanded back to...

TCS on sale in terms of section 206C - trading of non-ferrous metal scrap - failure to submit the form 27C within the time prescribed - since the assessee had furnished...

TCS on Scrap - section 206C - there is no requirement that the goods to be eligible for scrap should be produced/manufacture by the seller itself. - In present...

TCS u/s 206C(1) - Purchase by the assessee as scarp subjected to TCS - In view of the undisputed fact that what was purchased by the assessee is scarp subjected to TCS...

Item sold in scrap i.e. Tin, iron scrap, plastic drum etc. is not scrap generated from manufacturing process - No liability to deduct TCS U/s 206C - AT

Liability to collect tax at source (TCS) u/s 206C(6A)/206C(7) - Form No.27C filled belatedly - sale of scrap - When there was no dispute about such a declaration being...

Requirement of 1% TCS on cash sale of jewellery u/s 206C removed - Loksabha Passed the Finance Bill, 2017 today i.e. 22-3-2017

This notification amends the Income-tax Rules, 1962, introducing changes related to tax collection at source u/s 206C of the Income-tax Act, 1961. The key amendments...

Quick Updates: