Sale of scrap tcs limit
Web2 days ago · What is the time limit for depositing capital gains into a CGAS account? A2. The time limit for depositing capital gains into a CGAS account is 180 days from the date of the sale of the property. However, if the due date for filing the income tax return is earlier than the 180-day period, the deposit must be made by the due date. WebDec 15, 2024 · Tcs limit is different for different types of materials. Tanuj Chandra Saxenaa (Company Secretary) (7065 Points) Replied 15 December 2024. 1% tcs rate on scrap sale …
Sale of scrap tcs limit
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WebMar 23, 2024 · Scrap; Minerals, being coal or lignite or iron ore; The threshold limit for TCS under this section is INR 50 lakhs. This means that if the sale value of any of the above … WebJun 21, 2024 · For example: If TCS base amount was 10,000.00 in advance payment and line amount is 20,000.00 on sales invoice, then TCS will be calculated on 10,000.00 on sales …
WebTCS is levied on the sale of lumber, scrap, minerals, liquor, tendu leaves, forest produce, automobiles, and toll tickets. Limits: TDS is levied on purchases of commodities that … WebOct 27, 2024 · Now, since the limit of Rs. 50 lakhs, has been breached on 01.10.2024, TCS provisions shall become applicable in case of the said buyer and accordingly, TCS shall …
WebAug 9, 2024 · Now the calculation is as below. Scrap Value Rs 10,000. GST 12% Rs . 1,200. The invoice value or selling price is Rs 11200.00. So the TCS is calculated on this total … WebMay 7, 2024 · When does TCS apply to sale of scrap? Note : If the amount is received partly in cash & partly by cheque/NEFT /RTGS etc. in respect of any transactions, then TCS …
WebMail 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 …
WebOct 17, 2024 · He has also highlighted the concerns of taxpayers regarding the levy of TCS on sale of goods above specified limits. ... 206C of the Act refers to “scrap” in its title, no … filter on a samsung washerWebApr 27, 2024 · 1 thought on “ TDS / TCS Rate Chart FY: 2024-23 (AY: 2024-24) ” Jaydeep Baldha February 16, 2024 at 8:11 am Your chart is best, I am using in my CA final exam preparation, my suggestion is to add 2 more columns one for rate of non PAN assess and one for remarks like t/o under tds and tcs for 194q and 206c(1h) etc. growth mindset case study collectionWebApr 23, 2024 · The term “Scrap” has not been defined in GST Laws. In GST regime, in order to be taxable, the waste and scrap does not have to pass the test of manufacture or mechanical process or marketability. It is admittedly as ‘supply’ in course of business. While taxability of waste and scrap is no longer contentious, finding proper HSN ... filter on a samsung washing machineWebSep 18, 2024 · TCS on Scrap: 1%: Minerals like lignite, ... the user can easily enable & collect TCS at the time of creating the Sale bill against the goods sold to different parties. ... if … growth mindset challengeWebFeb 13, 2024 · 13 February 2024. Income Tax. The Government of India introduced TCS on the sale of scrap under Section 206C to monitor and gather information on an unorganised market segment. Apart from the sale of scrap, Section 206C of the Income Tax Act covers … filter on a washing machineWeb(TCS) on certain goods introduced vide Finance Act, 2024. This press note is being ... 2024 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2024) if … filter on attachments gmailWebApr 14, 2024 · The Finance Act 2024 introduced TCS on the sale of goods under the Income Tax Act with ... forest produce and scrap; 206C(1F)- TCS on sale of motor vehicles and … growth mindset carol