06 November 2013
i have form 156 and my total civilwork contract for the year 2012-2013 turnover is Rs.22,36,840/- and tds is Rs. 1,04,293/- how to fill the form 120 in karnataka value added tax and in Rs,22,36,840 /- sum of amount was deducted 5% and 4%. please send format of 120 form with filling
06 November 2013
Full Form 120 need not be reproduced here. You have fill in th total recipts in col. 2.1,URD Purchases,if any in 2.2,add it to get the taaxable turn over,Mention the contract receipt in 2.5 (@ 4%),and if any URD purchases in 2.6.1 or 2.7. Calculate the tax liability i.e.total payable in 2.9.Give TDS amount in 2.9.1, reduce it from the payable amount and show the net payable in 2.9.2.Pay this amount by DD?challan/cheque or bank online.You should have paid as when you received the amounts against your bills. If it is delayed you may have to pay 10% penalty and 2%/pm Interest also ...mjk
CAclubindia
