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Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
The intent of the act is to prevent metal theft that can then be sold on for cash. The over-riding intention is to ensure traceability and create an effective audit trail, [3] and therefore scrap metal dealers will need to take details of the seller and record it rather than pay cash for metal. Payment by cheque or funds transfer is permitted. [4]
MSTC Limited (formerly known as Metal Scrap Trade Corporation Limited) is a central public sector undertakings under the Ministry of Steel, Government of India. It is involved in diversified e-commerce services. Its corporate office is in Kolkata, West Bengal with regional branch offices in various other cities. The company reported a net ...
Once collected, the materials are sorted into types – typically metal scrap will be crushed, shredded, and sorted using mechanical processes. Metal recycling, especially of structural steel, ships, used manufactured goods, such as vehicles and white goods, is an industrial activity with complex networks of wrecking yards, sorting facilities ...
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In the process of submarine recycling, all hazardous and toxic wastes are identified and removed, and reusable equipment is removed and put into inventory. Scrap metals and all other materials are sold to private companies or reused. The overall process is not profitable, but does provide some cost relief. [2]
Non-profits enjoy the same level of service the rest of the residents of the given city or county enjoy. It is argued that asking some, or all, nonprofits to pay taxes, either voluntarily, or via statutory measures, would help offset some of these costs and ease the strain on local budgets. [18]
Instant payment notification (IPN) is a method for online retailers to automatically track purchases and other server-to-server communication in real time. This allows E-commerce systems the opportunity to store payment transactions, order information and other sales internally.