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Charging of withholding taxes

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(Querist)
06 August 2013 Invoice is raised by bank on interest charges on FCL.If invoice is raised for $5000/-, withholding taxes is borne by the company and the charges are grossed up for the same. Hence withholding tax of $555 is paid by company and entry is passed for $5555. Can the bank raise invoice for the net amount?
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Arihanth Jain

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Arihanth Jain (Expert)
15 August 2013 Yes, Bank invoice will be for 5000$ only.
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