Draft for discussion purposes
TCS rates applicable for amounts credited / payments made during the financial year ending March 31, 2009
Category
Sale of Scrap by Companies having:
- Income lesser than/ equal to Rs 10,000,000
- Income greater than Rs 10,000,000
For the period 01/04/2008 to 31/03/2009
Surcharge Effective
Rate (%) Cess (%) Definition
(%) rate (%)
Every person, being seller shall, at the time of
1 - 3 1.030 debiting of the amount payable by the buyer to the
account of the buyer or at the time of receipt of such
1 10 3 1.133 amount from the said buyer in cash or by the issue
of a cheque or draft or by any other mode, whichever
is earlier, collect from the buyer of the goods (eg
Scrap) of the nature specified in section 206C, a
sum equal to the percentage specified of such
amount as Income-tax. Scrape for this purpose
means, waste and scrape from the manufacture ofr
mechanical working of materials which is definitely
not usable as such because of breakage, cutting up,
wear and other reasons.