State the rate of tax deductible or collectible at source under the provisions of the Income-tax Act, 1961 in respect of the following transactions: Sale of scrap by a manufacturing company for ₹ 2 lakh;
CS Executive · Tax Laws · PYQS · December 2018
State the rate of tax deductible or collectible at source under the provisions of the Income-tax Act, 1961 in respect of the following transactions: Sale of scrap by a manufacturing company for ₹ 2 lakh;
Answer & Explanation:
On sale of scrap, Tax is Collectible at Source 'TCS' @ 1% u/s 206C of the Income Tax Act, 1961.
Topics: Income Tax Act, 1961
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