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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Answer Posted / surjetsharma
TAX MEANS IS TDS OR INCOME TAX
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