22 May 2012
Dear, If wc tds deducted on contract receipt of a partnership firm, same should claim by the partener in his other firm in which he is proprietor? Is vat is applicable on hiring of machine and equipment?@ what rate?
23 May 2012
MrAuthor,: WCT tds maade on receipts of a firm has to be used in the returns of that firm only to claim deductions. No VAT is applicable for hiring of machines.But if it is leased then VAT is attracted.When a machine is entrusted to be run on their own to a customer,with their driver,fuel,maintenance,insurance etc.it becomes leasing......MJK
CAclubindia
