Respected Sir,
i am an accountant working with a limited company in Pune. Company's canteen contractor given the biil for Rs. 3,04,292 on which he lavied vat @ 12.5% Rs. 38,036 and Service Tax of Rs. 15,671. A Total bill of Rs. 3,58,000/- and our auditor says deduct the 1% TDS under contract and also 2 % TDS on WCT
Whether the same is correct under the current provisions of the various acts ?
Kindly guide in the matter
Thank You.... 
yes
the same is Correct
as per inocme tax Tds is applicable @ 1% incase of individual other wise 2%
As per Vat Rule WCT should be deducted @ 2% incase of registed other wise 4%
| Originally posted by : Vyankatesh Sabale | ||
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Respected Sir, i am an accountant working with a limited company in Pune. Company's canteen contractor given the biil for Rs. 3,04,292 on which he lavied vat @ 12.5% Rs. 38,036 and Service Tax of Rs. 15,671. A Total bill of Rs. 3,58,000/- and our auditor says deduct the 1% TDS under contract and also 2 % TDS on WCT Whether the same is correct under the current provisions of the various acts ? Kindly guide in the matter Thank You.... |
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But since total of works contract hasn't gone over Rs.5 lacs, TDS on WCT need not be deducted.
this is correct that there i s cap of 500000 to deduct VAt TDS under MVat Act
Regrd
CA Rajesh
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