27 March 2010
IF WE CAME TO KNOW THAT OUR CONTRACEE DEDUCTED TDS ON RS. 40 LACS @ 1% = 40000 IN THE MONTH OF MAY AFTER FILLING OF SERVICE TAX RETURN. THEN WHAT WILL BE THE SERVICE TAX LIABILITY FALL ON US ON RS. 40000 I.E. TDS AMOUNT OR RS. 40 LACS. WE HAVE NOT RECEIVED NOT ANY PAYMENT BY CONTRACTEE. CAN IT BE ASSUME IN SERVICE TAX ACT THAT AMOUNT OF RS. 40 LACS DEEMED TO BE RECEIVED TO US. PLEASE ANSWER IT. IT IS VERY URGENT.
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