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TAX should Be deducted on Water Supply Contract ?Why ?
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Answer / akn ramachandra rao
being it is not purchase and it is contract for suppply of
water, tax should be deducted from the payment of contract
value if exceeds the limit indicated in the law
| Is This Answer Correct ? | 27 Yes | 3 No |
Answer / k.srini
Though water supply is a utility service. However when the
question araises whether Water is a good or service. It
would qualify as goods and not as service. Therefore the
contract for supply of water will not fall under the ambit
of 194 C.
| Is This Answer Correct ? | 11 Yes | 5 No |
Answer / prafull kadam
As Ank explained this is a contract and as per the
accounting law we should deduct 10% TDS while paying to
contractor.
| Is This Answer Correct ? | 4 Yes | 31 No |
TDS IS TO BE DEDUCTED ON WHICH AMOUNT - THE INVOICE AMOUNT OR THE INVOICE AMOUNT PLUS TAXES (SALES/SERVICE TAX)?
waht is present tds rates
Give details about TDS and its applicapable rates of latest year.
1 Answers CA, Ratnakar Bank RBL,
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