Draft for discussion purposes TCS rates applicable for amounts credited / payments made during the financial

year ending March 31, 2009 For the period 01/04/2008 to 31/03/2009 Surcharge Effective Cess (%) (%) rate (%)

Category Sale of Scrap by Companies having: - Income lesser than/ equal to Rs 10,000,000 - Income greater than Rs 10,000,000

Rate (%)

Definition Every person, being seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such 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.

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1.030 1.133

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