Section for tcs on sale of scrap
Web14 Jun 2024 · As can be seen from above the section calls for collection of tax at source @ 1%, when a seller sells scrap or receives any payment towards sale for such scrap (whichever is earlier). The section also defines scrap as follows: Web5 Mar 2024 · Trader in scrap not liable to collect TCS u/s 206C if scrap not a result of manufacturing. In the instant case, the appeal was filed by the assessee against the orders of the CIT (A) for three Assessment Years in inter alia upholding the business activity of the assessee as an activity of sale of scrap, as defined in section 206C (1) of the ...
Section for tcs on sale of scrap
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Web27 Jul 2015 · I have made configuration for calculating TCS on scrap sale in FI and SD as per the steps given.It is working fine .But the amount posted with Transaction ZTC and … Web9 May 2024 · TCS on Sale of Scrap The term scrap has been clearly defined in the explanation to section 206(C) of Income Tax Act,1961 . There is no requirement that the …
WebSection 206 of the Income-Tax Act defines the list of goods on which TCS is applicable, ... In the case of the motor vehicle sale, the TCS is collected upon receipt of money or consideration for the motor vehicle. ... Scrap . 1% . 206C . Tendu leaves . 5% . 206C . Timber obtained under a forest lease . 2.5% . Web3 Apr 2024 · “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 …
Web25 Mar 2024 · Whether Sale of Scrap where Form 27C has been submitted by buyer is liable to TCS u/s.206C(1H) Bare Text- Section 206C(1H): "(1H) Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being … Web7 Nov 2024 · TCS on sale on Motor vehicle: 6CL: 206C: TCS on sale in cash of any goods (other than bullion /jewellery) 6CM: 206C: TCS on providing of any services (other than Ch …
Web5 Feb 2024 · In case of both sections 206C & 194Q, limit of turnover is 10 crore, TDS/TCS rate is 0.1% for transaction above 50 lakh only on value exceeding 50 lakh But 194Q is for buyer point of view for deducting TDS and 206C is for seller point of view for collecting TCS. knights premium ciderWeb7 May 2024 · 02 April 2012 Section 206C of Income Tax States that Tax should be collected on scrap sale. But explanation to sec 206C defines buyer as one who buys scrap in retail trade for personal consumption. Does it mean that TCS is applicable only if scrap is bought by the buyer for resale. red cross hurricane relief peiWebA seller can collect TCS under Section 206C only for certain goods, not all. Here’s a list of goods for which a seller can collect TCS: Alcoholic liquor for human consumption Timber from forest lease or other modes Scrap Tendu leaves Minerals (iron ore, lignite, coal) Motor cars with a value above ₹10 Lakhs Tour package for an overseas program knights professional services limited chesterWeb29 Jun 2024 · For sale transactions involving motor vehicle, tendu leaves, scrap, etc., TCS continues to apply. There are also certain interpretational issues (inclusion of GST in consideration, application on new companies in the year of incorporation, transitional issues, etc.) associated with levy of TDS as well as the interplay with TCS. knights practice facility hendersonWeb9 Aug 2024 · TCS on scrap under GST with example: Method 1: Typically a customer who sells Scrap or do an online eCommerce sales or some other services, needs to be charged with 1% TCS on the selling price. Now this “decision of” Selling price is a confusing factor as each CA / Auditor/ CS treats it different way. knights professional services limited betaWeb21 Aug 2024 · Tax collected at source (TCS) is the tax collected by the seller from the buyer on sale so that it can be deposited with the tax authorities. Section 206C of the Income … knights practice facility restaurantWeb9 Apr 2024 · Mail us at [email protected]. Whatsapp us at +91-7024984925. TCS Rate Chart for FY 2024-24 /AY 2024-25 – Income Tax March 29, 2024 In "blog". TDS and TCS Due Dates of Depositing and Filing of Return May 8, 2024 In "blog". Stringent Provisions Section 194Q, 206AB & 206CCA Under the Income Tax Act, 1961 June 24, 2024 In "blog". knights professional services limited crawley