Incentive or Bonus whether taxable under VAT
This query is : Resolved
25 April 2008
My client has received an incentive for early completion of project under the works contract. The Incentive was announced in the contract when it was entered and now it has been determined. Whether there will VAT on this amount received. Accoring to me it should not be brought to tax under VAT. It is neither a sale of goods nor a service under service tax. It is laible only for income tax.
Is my understanding correct.
Is my understanding correct.
CA Hemant T Dewani
(Expert)
25 April 2008
if you client is complete the work in time then he got incentive from his client then it is treated as income and liable to income tax only
CA. Kirti S. Ganatra
(Expert)
25 April 2008
No VAT will not be payable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Missed uploading GST Invoice
- Gratuity paid to legal heir above 20 lakh is taxable or not
- ARCA LOGIN
- RCM and same line
- Closer of business and itc of capital goods
- Appointment of Auditor By Form ADT-1
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
