25 February 2011
One of our client has submitted their claim bill for giving plant & machinery on hire to one of their client as follows: Gross claim bill Rs.500000.00 Less: Rebate @1% (if paid within 48 hours) Rs.5000.00 Total amount paid (if paid within 48Hours) Rs.495000.00 If payment is made within 48hours then please tell me on which amount income tax shall be deducted i.e on Gross amount or on net amount after rebate Please guide me
CAclubindia
