10 July 2012
I AM WORKING IN CONSTRUCTION COMPANY CEMENT & STEEL SUPPLIED BY THE CLIENT AND IT WAS DEDUCTED BY OUR PAYMENT SUBSEQUENTLY DEDUCTED BY TDS AND FILED 26AS SO WE ARE TAKING ENTIRE AMOUNT IN SALE(AS PER 26AS).BUT WHERE WE HAVE TO SHOW THE CEMENT AND STEEL EXPENSES AND HOW SHOULD WE PASS THE ENTRY
Following points are not clear from question:- 1) Whether you are raising gross bill including the cost of Steel & Cement and the client is paying you after deducting Steel & Cement cost from your bill value? 2) Whether your client is deducting TDS from gross bill or from net value?
Please clarify the above and I shall try to solve your question. In this type of cases so many other issues may be involved, for service tax, WCT, etc.
CAclubindia
