31 October 2010
Sir, Thanks a lot for your first reply.I agree for the contents mentioned by you .The awarder is not deducting any vat.Each time he deducts the TDS amount for the payments makes to us for our Bills.. We are remiting service tax and vat (compounding ) for the cheque amount received from the awarder. My doubt is whether I have to calculate & remit vat on TDS deducted by the awarder. ( I understood that THERE IS NO TAX IS TO BE PAID ON OTHER TAXES).MY VIEW IS....... Here the TDS AMOUNT IS A KIND OF TEMPORARY DEPOSIT AT IT DEPARTMENT. ONLY AFTER FINALISATION OF ACCOUNT FOR EACH YEAR WE WILL BE KNOW HOW MUCH INCOME TAX TO BE PAID OR TO GET REFUND FROM THE TDS AMOUNT. SO PLEASE CLARIFY WHETHER I HAVE TO REMIT VAT ON TDS. THANK YOU
01 November 2010
Some time own logic doesnot work. VAT will be applicable on TDS also, because TDS is part of sale amount and VAT is calulated on sale value.
CAclubindia
