Scrap mechanic mining vehicle
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![scrap mechanic mining vehicle scrap mechanic mining vehicle](https://i.ytimg.com/vi/1WkmjeQpGtY/maxresdefault.jpg)
“mechanical working of materials” means any article or thing arising from the physical operations on materials which is not usable ‘as such’. There is no requirement that the goods to be eligible for scrap should be produced/ manufactured by the seller itself.Īs per said section “ 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 The term scrap has been clearly defined in the explanation to section 206(C) of Income Tax Act,1961. in respect of any transactions, then TCS applicable on entire amount. Note : If the amount is received partly in cash & partly by cheque/NEFT /RTGS etc. Where amount is received by cheque or any other mode on sale of :- Motor vehicle of the value exceeding Rs. 2.00 Lakh), if TDS Provision is not applicable 5 Lakhs), and 3) with effect from June 1,2016, any other goods and services (exceeding Rs. 2 Lakhs) 2) Jewellery (consideration exceeds Rs. Where ANY amount of consideration is received in cash on sale of 1) Bullion (consideration exceeds Rs.
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Parking Lot, Toll Plaza, Mining and Quarrying Minerals being Coal or Lignite or Iron ore Timber obtained by any mode other than Forest LeaseĪny other Forest produce not being forest timber or tendu leaves RATE OF TCS UNDER INCOME TAX ACT,1961 Nature of Goods TCS so collected to be deposited with the Government account & TCS Certificate is required to be issued to the buyer from whom said tax is collected. This tax is collected by the sellers of notified goods or services from the buyer. Sec 206C of the Income Tax Act,1961 deals with the provisions relating to TCS.