Issue is as follows: A statutory orgnaization mainatins a panel of contractors who are alloted work or who are required to fullfill organization's requirement.
There is a supply of some materials(finished goods) amounting to Rs. 10000.
Contractor submits the bill containing following particulars
materials: 10000.00
Cost of transport 200.00
Total: 10200.00
Add: 10% profit 1020.00
Ttal amt payable: 11220.00
Now the que is Under which sec TDS is required to be deducted and on wht amt??
Kindly clarify regarding the same, it'll b very helpful to me.
CAclubindia
