AT 5% will be charged on 70% of Total Amount and
Service Tax of 12.36% will be charged on 30% of Total amount
Answers were Sorted based on User's Feedback
Answer / biswajit ghosh
Suppose Total amount is Rs.100/-
Then 70% is Rs.70/- then vat 5% is Rs.3.50/-
Suppose Bill value is Rs. 100/- is 30% is Rs. 3.71
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / biswajit ghosh
Suppose Total amount is Rs.100/-
Then 70% is Rs.70/- then vat 5% is Rs.3.50/-
Suppose Bill value is Rs. 100/- is 30% is Rs. 3.71
| Is This Answer Correct ? | 1 Yes | 1 No |
Sir, An Awarder make part payment to the Contractor after deducting retention money @5%. The retention money will be paid to the contractor when the contract work is fully completed. Here my question is,when the Awarder has to deduct tax on retention money, at the time of deducting the retention money or at the time of payment of retention money when the contract is completed? Here "Tax" means Income Tax, VAT, Service Tax etc. Please reply Thanking You
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