Regarding deduction of wct from bills .

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This query is : Resolved

D K Nigam (Querist)

26 April 2013 Dear Sir ,

If WCT has been deducted from our bills , then we have to submit the VAT or not .

And if the VAT liability is less than the WCT deducted , then shall it be refunded ??

Kindly comment .

MJ Krishnamurthy

MJ Krishnamurthy (Expert)

27 April 2013 Mr DK Nigam,
Even when TDS is made on WCT bills,the contractor has to file returns as usual. He can declare the tax liability and the tax adjustment against TDS. If the deduction is more than the actual liability refund of the excess deduction can be claimed...mjk

CA Priti Surana

CA Priti Surana (Expert)

01 May 2013 Sir, please elaborate, i cud not understand.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

10 June 2013 In fact if the bill amount if small then the TDS deducted is always more than the tax on profit but this is to be decided only when the return is filed. After filing the return the department comes to know about the actual tax liability and if any excess tax is paid then it is refunded but the actual tax is to be determined by the department.

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