Tds on work contract
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 September 2014
there is a work contract of original work of reverse charge mechanism. Party A (individual)raises bill as
Rs. 35000 (which include material and labour) but not shown separately
Now party B make payment to Party A as
bill amount 35000
vat 35000*60%*4%=840
Service tax 35000*40%*(12.36/112.36)*50% =
770
tds 35000* 1% =350
Amount paid to party B = 33040
My question is
Whether tds is to be calculated on Rs 35000 or Rs 14000(35000*40% i.e. service portion)
Rs. 35000 (which include material and labour) but not shown separately
Now party B make payment to Party A as
bill amount 35000
vat 35000*60%*4%=840
Service tax 35000*40%*(12.36/112.36)*50% =
770
tds 35000* 1% =350
Amount paid to party B = 33040
My question is
Whether tds is to be calculated on Rs 35000 or Rs 14000(35000*40% i.e. service portion)
Ganeshbabu K
(Expert)
08 September 2014
If material Amount not shown seperately tds applicable on complete value of invoice
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