25 December 2012
I have taken subcontract of Indian oil corp work from main contractor.Main contractor has made my payment after deducting his VAT @ 4%(As IOCL deducting 4% VAT while releasing the payment).Now the dept sent notice to me to pay VAT on the amount I received.I am in Karnataka Please help to how to go further
26 December 2012
Mr. Dear, Please collect your challans which have been deposited by your main contractor and submit to the department along with revised return.
27 December 2012
Mr Neelesh, You have to declare your turnover in the returns and pay tax as per rules. The tax deducted TDS can be adjusted against the tax payble and refund can be claimed if exces is deducted. You have to get TDS certificates in Form 156 from main contractor and file those copies to the department along with returns.....MJK
CAclubindia
