2024 Is tcs applicable on sale of scrap

Is tcs applicable on sale of scrap

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August undefined, 2024

Witryna2 wrz 2024 · TCS on sale of scrap – An unintended controversy. Section 194Q vs Section 206C(1H) – Adding chaos to confusion. ... All wrong calculation of TCS applicable amount . Sales before 1st Oct 2024 Sales After 1st Oct 2024 Receipts before 1st Oct 2024 Receipts after 1st Oct 2024 Amount for which TCS applicable for FY 20 … Witryna20 wrz 2024 · For the purpose of determination of the value of supply in respect of scrap or waste, Tax collected at Source (TCS) under the provisions of Income Tax Act, …

Tcs on sale of scrapped machinery [Resolved] Income Tax

Witryna9 lut 2024 · TCS is applicable on the sale of goods such as scrap, timber wood, tendu leaves or minerals and so on. While TDS is deducted on payments such as salaries, … Witryna29 sty 2014 · Is TCS applicable on sale of old scrapped machinery (machinery is used in production)? 29 January 2014 No. TCS is not applicable on such sale. As per explanation (b) to section 206C, the scrap means waste and scrap from the manufacture or mechanical working of material which is not usable. You need to be the querist or … bodyguard\u0027s lp

All you need to know about TCS on sale of Goods - TaxGuru

Witryna18 wrz 2024 · TCS- Meaning. Tax Collected at Source (TCS) are provisions under the Income Tax Act for collecting tax at source on certain transactions. One is required to … Witryna10 lip 2024 · 02. Because the CIT(A) has wrongly interpreted the provisions of section 206C and has erred in upholding, that the business of trading in metals, carried on by … Witryna27 lip 2015 · TCS on scrap sales. 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 … bodyguard\\u0027s lp

TCS not applicable on Scrap generated from Trading Activities

TCS collected at Source (TCS) – Presentation - TaxGuru

Witryna10 lut 2016 · As per Sec. 206C, Every person being a seller will collect TCS either at the time of debiting or receiving payment, whichever is earlier. Scrap has been defined as follows: 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 … Witryna10 lip 2024 · The CIT (A) has erred on facts and in law in upholding the business activity of trading in ferrous and non-ferrous metals carried on by the appellant firm, as an activity of sale of scrap, as defined in section 206C (1) of the I.T. Act, 1961, thereby wrongfully treating the appellant as an assessee in default for not collecting TCS @ 1 % on the ... gleed feed and seedWitrynaCreate new withholding tax code “Sale of goods”: Tax>Setup>withholding tax code >Sale of goods. When user attach “withholding tax component” of type “TCS” new field “Interim account” will enable. Do not select any account until mark check box “Tax liability on payment” under “Withholding tax group. Select “Enable ... glee don\\u0027t go breaking my heart

"Witryna21 wrz 2024 · TCS on sale of goods will be applicable with effect from 1stOctober 2024. TCS applicability, rates and compliance are analysed below for your reference: … " - Is tcs applicable on sale of scrap

Is tcs applicable on sale of scrap

TCS on sale of scrap applicability - Income Tax

Witryna3 lip 2024 · TCS on Scrap – Section 206C(1) Sale of Scrap (generated in the course of manufacturing process in plant) Seller will collect @ 1%. Applicable on Sale … Witryna29 cze 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.

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Witryna23 mar 2024 · As per the provisions of the Income Tax Act, Tax Collected at Source (TCS) is applicable on the sale of scrap if the turnover of the seller exceeds Rs. 10 … Witryna17 sie 2016 · Tcs is applicable on sale of scrap or waste of manufacturing product. 1 Like. Anil Lodha (student) (69 Points) Replied 03 August 2016. Tcs is applicable on sale of scrap or waste of manufacturing product. Hence tcs is not applicable on sale of DG set as it is a sale of fixed asset.

Witryna21 cze 2024 · TCS to be calculated on customer advance payment (through general journal, cash receipt journal) For example, advance payment received from customer for INR 10,000 on which 1% TCS is applicable for Nature of collection 'Scrap'. In this case TCS calculation will be as following: Component. Value. Witryna10 kwi 2024 · 1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the …

WitrynaTax Collected at Source is the amount collected by the seller of specified goods from the buyer at the time of sale, over and above the sale amount, and is remitted to the … Witryna3 paź 2024 · Applicable rate of TCS under Section 206C(1H: > TCS shall be collected @0.1% of the amount in excess of Rs. 50 Lacs > If the buyer does not have PAN then rate would be 1% > TCS rate has been reduced to 0.075% from 1st October 2024 to 31st March 2024. TCS Return. Seller has to file return in Form 27EQ on quarterly basis; …

Witryna28 paź 2024 · Section 206C(1H) – TCS on sale of any goods [except goods on which TCS applicable as per Section 206C (1), 206C (1F) and 206C (1G)] ... Scrap, Minerals etc. and has deducted such amount; or the buyer is the Central/State Govt., an embassy, a High Commission, Legation, Consulate, the trade representative of foreign state, …

Witryna3 kwi 2024 · TCS is to be collected If the buyer purchases the goods (mentioned in the above table) for the purpose of trading. No TCS would be collected If the buyer … bodyguard\\u0027s lrWitryna27 maj 2011 · Applicability of TCS under Section 206C of the Income Tax Act, 1961 on Sale of Scrap Materials Case Study: The Company is in the business of real estate … glee don\u0027t go breaking my heartWitryna2 lis 2010 · 02 November 2010 If the scrap oil is generated from manufacturing process and there is no reuse of this item, TCS will be applicable u/s 206. RANGA SRINIVAS … bodyguard\u0027s lsWitryna7 maj 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. Is the sale of scrap taxable under GST? bodyguard\\u0027s lsWitryna9 kwi 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 … bodyguard\\u0027s lwWitryna17 sie 2024 · Scrap is a taxable supply under GST. The rate of GST on scrap depends upon nature of Scrap & its HSN Code. For the purpose of determination of value of … bodyguard\\u0027s ltWitrynaTCS on Sale of Scrap, TCS on Sale of Scrap under GST, TCS on Sale of scrap entry in Tally, TCS in Tally About Press Copyright Contact us Creators Advertise Developers … bodyguard\u0027s lx