Regarding deduction of wct from bills .
This query is : Resolved
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 .
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
(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
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
(Expert)
01 May 2013
Sir, please elaborate, i cud not understand.
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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