TCS on sale of scrap @ zero rate For example, invoice has been raised to customer for INR 1,00,000 towards sale of Scrap. Customer has a certificate of income tax at Zero rate @ 0% on Scrap instead of normal rate. In this case TCS calculation will be as following: ...
As a seller, you are required to collect TCS on the sale of alcoholic liquor as per the applicable tax regulations. Let’s say you sell a case of alcoholic liquor to a customer for Rs. 10,000, and the TCS rate for alcoholic liquor is 5%. In this case, you will collect 5% of the...
Such items include tendu leaves, liquor (alcoholic nature), scrap, parking lot, toll plaza, bullion (over two lakhs), jewellery ( over five lakhs) and so forth. The rate of TCS is different for different items. Key Differences Between TDS and TCS The difference between TDS and TCS can be...
Suppose you run a business that sells alcoholic beverages. As a seller, you are required to collect TCS on the sale of alcoholic liquor as per the applicable tax regulations. Let’s say you sell a case of alcoholic liquor to a customer for Rs. 10,000, and the TCS rate for alcoholic l...