I do Works Contract for a party for more than Rs.5 lac a year and he deducts TDS @ 2% as per the Maharashtra VAT Act and gives me Certificate for the same too.
Now how am I supposed to take credit/refund for the same? Is the process similar to Income Tax Act. While filing return, we have to mention the TDS. If our tax liability is greater than TDS, then we have to pay the balance and if its less than TDS then the balance we can get it refunded? Or is there some other procedure?
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