WHO IS LIABLE FOR WHAT
This query is : Resolved
BRIJ KUMAR GUPTA
(Querist)
28 November 2007
party 1 has raised a Performa Invoice for Rs. 5,00,000 and then a final bill for the same amount.
Now, Party 2, to whom the bill is raised has paid TDS for both for the Proforma Invoice and the final bill.
So, what are the consequences and how can they be solved.
SERVICE TAX LIABILITY IS ALSO INCLUDED
Now, Party 2, to whom the bill is raised has paid TDS for both for the Proforma Invoice and the final bill.
So, what are the consequences and how can they be solved.
SERVICE TAX LIABILITY IS ALSO INCLUDED
29 November 2007
IT IS ASSUMED THAT TOTAL TDS OF BOTH PROFORMA INVOICE AND FINAL INVOICE IS DEPOSITED .
PARTY 2 CAN CLAIM TDS CREDIT FOR THE TOTAL AMOUNT ALREADY PAID AGAINST HIS TAX DUES IF ANY TO INCOME TAX DEPT IN HIS RETURN OF INCOME .
IF THRE IS EXCESS TAX PAID AFTER ADUSTING TAX DUES, HE CAN CLAIM REFUND AFTER FILING INCOME TAX RETURN. OR
IF HE IS HAVING MONTHLY /PERIODICAL TDS (TO BE DEPOSITED )LIABILITY IF ANY , THE EXCESS TDS MAY BE ADJUSTED .
R.V.RAO
IT IS ASSUMED THAT TOTAL TDS OF BOTH PROFORMA INVOICE AND FINAL INVOICE IS DEPOSITED .
PARTY 2 CAN CLAIM TDS CREDIT FOR THE TOTAL AMOUNT ALREADY PAID AGAINST HIS TAX DUES IF ANY TO INCOME TAX DEPT IN HIS RETURN OF INCOME .
IF THRE IS EXCESS TAX PAID AFTER ADUSTING TAX DUES, HE CAN CLAIM REFUND AFTER FILING INCOME TAX RETURN. OR
IF HE IS HAVING MONTHLY /PERIODICAL TDS (TO BE DEPOSITED )LIABILITY IF ANY , THE EXCESS TDS MAY BE ADJUSTED .
R.V.RAO
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