Tds on project contract
This query is : Resolved
11 October 2011
Sir,
our project contractor which is a pvt. co. has got contract for supply ,errection & commissioning of site fabricated tank.
Work order value around 58 lakh.
Suggest me for tds for making payment against 1st ra bill for rs.20 lakhs.
Netai Saha
our project contractor which is a pvt. co. has got contract for supply ,errection & commissioning of site fabricated tank.
Work order value around 58 lakh.
Suggest me for tds for making payment against 1st ra bill for rs.20 lakhs.
Netai Saha
11 October 2011
Your case is covered by section 194c of Income tAx Act.
Deduct TDS @ 2%.
Issues:
1] If project contract cost is Rs 58 lacs and project is tobe completed within this year and contractor has issued bill of Rs 58 lacs then deduct 2% tds on 58 lacs irrespective of payment u have made.
2] If contractor has issued R.A bill of Rs 20 lacs then deduct TDS 2% on 20 lacs. Record the bill of Rs 20 lacs as R.A. Bill is valid.
3] 194c says deduct the TDS on payment or credit whichever is earlier.
Deduct TDS @ 2%.
Issues:
1] If project contract cost is Rs 58 lacs and project is tobe completed within this year and contractor has issued bill of Rs 58 lacs then deduct 2% tds on 58 lacs irrespective of payment u have made.
2] If contractor has issued R.A bill of Rs 20 lacs then deduct TDS 2% on 20 lacs. Record the bill of Rs 20 lacs as R.A. Bill is valid.
3] 194c says deduct the TDS on payment or credit whichever is earlier.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
