I have quarry that there are Developer (A), Contractor (B) & Subcontractor (C) Developer (A) made direct payment to the Subcontractor (c). How this transaction is recorded in the Books of Contractor? Is TDS Benefits are availed by the Contractor (B) on this transaction?
26 April 2013
Well in said case contractor need to pass entry as if it has make payment to the contractor only.
While in the books of contractor it will show that developer had made payment to sub contractor on behalf of him and can also claim TDS benefit in the same.
CAclubindia
