Deduction of tds on vat
This query is : Resolved
06 August 2011
Dear All,
Need your input on the below example:
A Co. raises invoice for services to Customer as follows:
Billing for service provided 100.00
VAT @ 4% 4.00
Total 104.00
Service Tax @10.3% 10.30
Gross Total 114.30
Now, customer deducts TDS and TDS on VAT seperately.
My query is:
Customer deducts TDS on VAT on Rs.114.30,
is it correct?
Need your input on the below example:
A Co. raises invoice for services to Customer as follows:
Billing for service provided 100.00
VAT @ 4% 4.00
Total 104.00
Service Tax @10.3% 10.30
Gross Total 114.30
Now, customer deducts TDS and TDS on VAT seperately.
My query is:
Customer deducts TDS on VAT on Rs.114.30,
is it correct?
06 August 2011
The customer has deducted TDS correctly.
Now you can demand Form 16 of the said amount.
Now you can demand Form 16 of the said amount.
07 August 2011
You have not mentioned about 'under which Section 194C..194J etc.'. The Crux of TDS is Read the Section carefully...if 'Sum paid or credited' word is Given then 114.30 will be considered. if word 'Income paid or credited' is used in the section then 100/- will be considered to amount for computing TDS.
CA Manish J. Agrawal
[S.T.S., B.Com, DISA, DIRM, SAP(FI-CO), NCFM-II, Service Tax(e-L), Transfer Pricing(e-L)]
CA Manish J. Agrawal
[S.T.S., B.Com, DISA, DIRM, SAP(FI-CO), NCFM-II, Service Tax(e-L), Transfer Pricing(e-L)]
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