CONSEQUENCES IN SERVICE TAX
This query is : Resolved
05 December 2007
party 1 has raised a Performa Invoice for Rs. 5,00,000 and then a final bill for the same amount.
Now, Party 2, to whom the bill is raised has paid TDS for both for the Proforma Invoice and the final bill.
So, what are the consequences and how can they be solved.
SERVICE TAX LIABILITY IS ALSO INCLUDED
Now, Party 2, to whom the bill is raised has paid TDS for both for the Proforma Invoice and the final bill.
So, what are the consequences and how can they be solved.
SERVICE TAX LIABILITY IS ALSO INCLUDED
07 December 2007
TDS once deducted cannot be reversed or refunded back by the deductor. Hence even if TDS has been deducted on both the bills the only option left with the deductee is to claim credit for whole of double TDS on assessment.
Regarding service tax if it has been charged and paid twice the receiving party can always refund it back to payer and the payee can adjust the same in its deposit of service tax next month.
Regarding service tax if it has been charged and paid twice the receiving party can always refund it back to payer and the payee can adjust the same in its deposit of service tax next month.
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