03 January 2013
Unregister dealer is get a contract & he raise RA bill to his party & party has deducted WCT (TDS) & forced to register under MVAT. my query is, after getting registration, can dealer claim the deduction of WCT deducted by his party on bill which he raised on his URD period ?? please give me a detail answer. Thanks & Regards
05 January 2013
As per provision till contract payment exceeds Rs. 500000/- in a FY no TDS is to be deducted. If turnover has exceeded the limit and remained URD, the TDS made during the period can be adjusted against the tax payable for the period.
CAclubindia
