manojkumar (nil) (34 Points)
09 August 2017I gave a bill of Rs:1000 to party
but party collect this bill and deduct Kvat 4% TDS 1% & LWF 1% Amount respectively
Kvat 4% of Rs 1000=Rs=40/-
TDS 1% of 1000= Rs=10/-
LWF 1% of 1000= Rs=10/-
I have collected Rs:940
My question is :what is my actual collection ? please give answer
Poltu Ghosh
(Job)
(1865 Points)
Replied 09 August 2017
your actual collection Rs. 1000. The deductions wée made on in your behalf for which you will get credit. Though I am not sure about LWF but you will get credit for TDS both income tax and vat.
CAclubindia
