I gave a bill of Rs:1000 to party
but party collect this bill and deduct Kvat 4% TDS 1% & LWF 1% Amount respectively
Kvat 4% of Rs 1000=Rs=40/-
TDS 1% of 1000= Rs=10/-
LWF 1% of 1000= Rs=10/-
I have collected Rs:940
My question is :what is my actual collection ? please give answer
your actual collection Rs. 1000. The deductions wée made on in your behalf for which you will get credit. Though I am not sure about LWF but you will get credit for TDS both income tax and vat.
Aggarwal Sarawagi and Co
New Delhi
CA
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V.K. Ranjan & Co(Chartered Accountants)
New Delhi
B.Com
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CAclubindia
