Dear all,
please help me about the issue of tds on building maker contractor who is working with material.
I have rcvd bill of rs4433265 where the gross billing amount is 4104875 and on this 4% of ST (164195), Vat (164195)
now how to calculate tds on this.
Please help
Regards
Calculate only on the labour componant.
Don't deduct tds on VAT and Material purchase value.
1) If construction contract is composite for labour and material--then tds will be deducted on composite amount.
2) If labour and material purchased by the contractor to re-imbursed in production of bills--then tds will be deducted on labour charges.
In your case deduct the tds on Rs 44,33,265 @ 2%
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Gupta Sachdeva & Co. Chartered Accountants
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