TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 May 2011
Hi
We purchase software license from X Ltd. Details of the same -
Base Price = Rs.1000
Service Tax on above = Rs.103
VAT (on BP + ST) = Rs.44
Total (invoice value) = Rs.1147
TDS [(1147-44)*10%]= 110
Whether the above procedure followed by client in right?
Why in computing VAT ST included? Why in computing TDS VAT portion alone eliminated? Whether those are requirement of act? If so, help me out in knowing the same.
Thanks and Regards
VS
We purchase software license from X Ltd. Details of the same -
Base Price = Rs.1000
Service Tax on above = Rs.103
VAT (on BP + ST) = Rs.44
Total (invoice value) = Rs.1147
TDS [(1147-44)*10%]= 110
Whether the above procedure followed by client in right?
Why in computing VAT ST included? Why in computing TDS VAT portion alone eliminated? Whether those are requirement of act? If so, help me out in knowing the same.
Thanks and Regards
VS
18 May 2011
If this is a repair & maintenance, then it is a type of contract. so, TDS will charged u/s 194C. then TDS will be charges on total amount inclusive of everything.
but if this treated as rent u/s 194I, thern TDS will only be charge on rental amount.
but if this treated as rent u/s 194I, thern TDS will only be charge on rental amount.
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