Pankaj (Manager) (295 Points)
06 April 2011If bill of Rs 100000/- is submitted for road contract. to Z P.
Z P has to deducte following :
Vat TDS @ 2%
TDS @ 2%
Royalty Charges @ 5%
In this case, Royalty charges should be deducted on 100000/- or bal. amt after deduction of VAT TDS & TDS ?.
Please guide in this matter.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 06 April 2011
vat tds and tds is tax deposited on your behalf which u can set off with your returns.
royalty would be dedcuted on full amount, i.e 1 lacs
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
