Dear Sir/Madam
I have following query as banker.
one of our client have taken subcontractor works of 24.000 crore from main contractor but only simple agreement executed without any tds/tcs details.
Even Tds also not deducted,but in sub contractors balance sheet receipts are reported.There is no GST filed and filed Nil return for whole FY.
In that case how to assess the WC limit.
please guide and thanks on advance.
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Asessing the Working Capital Limit
Replies (4)
What is income declared as per IT return?
as balance sheet 8.00 lakhs
Income declared as per P&L account?
Sir, please read the agreement properly and find out the period within which the contract need to be completed and revenue to be contributed to your client based on the % completion method or any other method.
Ask the client to provide the reconciliation about the turnover between Income tax and GST.
For more further details pls share the further details.
Thanks.
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