Civil Contrator

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tony (Querist)
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26 December 2017 Dear Sir In case of a civil contrator, what would net tax payable along with form 3B, considering the following facts, 1. Total Payment Rs. 1 lac and tax @I2% Rs. 12000.00 2. In The Same period cement purchae Rs. 50000 and ITC Paid thereon Rs. 14000. 3. Now Contractor should pay Rs 12000 with challan or he should adjust it with available ITC?

RAJA P M

RAJA P M (Expert)
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26 December 2017 He can adjust the ITC...

Udaya Chandran

Udaya Chandran (Expert)
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26 December 2017 Since your ITC is more than your liability, you need not to pay tax. You will have Rs.2000 excess ITC after adjustment.

tony

tony (Querist)
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26 December 2017 what would be the treatment of this excess ITC?

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