Interested to Buy Any Domain ? << Click Here >> for more details...
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
- 2 Answers
- 7527 Views
- I also Faced
- E-Mail Answers
Answer Posted / ritesh nigam
TDS should be deducted at the time of deducting retention
money and not on payment of retention money. For example,
contractor raised one bill of Rs.100000/- on 31.03.2010 and
you are required to deduct retention @ 5% on it. Then while
deducting TDS on payment of retention of Rs.5000/- will fall
in the next F.Y. whereas you have to claim expense in
previous F.Y., if you do so then you will deduct TDS on Rs.
95000.00 only in previous F.Y. but booking of expenses is
Rs. 1.00 Lac. in that claiming of expense on Rs. 5000/- will
be disallowed and c/f to next F.Y.
Regards,
Ritesh Nigam
| Is This Answer Correct ? | 3 Yes | 0 No |
Post New Answer View All Answers
How to reconcile a Vendor who is a supplier as well as a Contractor?
plzzzzzz help me friend my question is, is the tds of part of income tax and when it deduct from salary and why becose tds is deduct only secoundry primary income like lotory etc..
Can u provided all the dues date and depositing date which are used in general manner or Income tax..
'A' is running a manufacturing set up. 'B' sends raw material (after paying CST) to 'A' for manufacutre of his specified product and 'A' keeps 'B's stock in his godown. Can 'A' buy this material from 'B' by raising a CREDIT MEMO and in the books regularises by passing Journal Entry Dr.Raw material inventory and Cr. 'B's Account.
vat return dates for uttrakhand
What is the difference between fund flow vs. Cash flow?
in relation to pioneer industries, explain the following terms:1,production day. 2,certificate of qualify expenditure. 3,income tax relief. 4,pioneer certificate 2. list seven pioneer industries which fall under pioneer status as contained in the industrial development act 1971
How to calculate sales tax ?
If a person purchased goods by paying vat but while selling no vat has been collected and if he is registering his firm under vat need to pay vat after registration?
How to make fdr entry in tally software i dont understand. when fdr open from bank and after work and interest it get closed. i want to understand how to make ledger of that and full details please help me
If we are placing the order in amazon on behalf of the customer who is ordered from other e-commerce sites and the goods is directly billed to the customer address from the amazon sellers and for the same we are receiving some profit at that in our books of account what entries need to be passed...?? do i eligible to get the ITC on the GST amount paid..??
Where can i get IFAM Banglore details, i came to know that there they are giving Accounts & Taxation Training on Real Projects, and they are providing Job after training. I got one number that is not reachable i.e 9591777526. Please give me if any one knows this Institute details.
How to determine TDS on Salary ? what are Limit for HRA ,insurance premium , Loan installment, children education fee etc. what type of Deductions for salary. please Explain Full and complete this concept with one example which cover all aspects regarding TDS on Salary.
Excise duty applicable for Handmade Production?
Hi, I need the clarification in Tax Rate in Karnataka for Frozen foods like Paratha, Briyani, Pasta's Please share the information for me
