I am working in construction co., I have some confussion in bill payment. We are advance paid Rs.2500000/- to contractor in without TDS deduction. This advance amount we will be deduct 10% in advance amount in every bill payment. And we will be deduct 5% of bill value of retention amount. After the bill value we are paid two part. Now I am getting the contractor bill value Rs.4000000/-. How to I calculate its Service Tax, TDS amount. I am calculate this bill here, plz tell me is it correct or not. Otherwise tell me how to calculate this bill amount.
Bill Value Rs.4000000
Add:Service Tax 4.95% Rs. 198000
Gross Bill Value Rs. 4198000
Less: Adv value 10% Rs. 250000
Bal. Bill Value Rs. 3948000
Less: TDS 2% in Gross bill value Rs. 83960
Bal. Bills Payable Rs. 3864040
Less: 5% Retention in Bal bills Payable Rs. 193202
Net Bills payable Amount Rs.3670838.
Then we will be paid two part amount in bill amount(i.e 1670838 + 2000000). When we are paying this amount, can I deduct any TDS amount?.So plz kindly clarify me about the bill matter, how to calculate and pay the amount.
From India, Coimbatore
Bill Value Rs.4000000
Add:Service Tax 4.95% Rs. 198000
Gross Bill Value Rs. 4198000
Less: Adv value 10% Rs. 250000
Bal. Bill Value Rs. 3948000
Less: TDS 2% in Gross bill value Rs. 83960
Bal. Bills Payable Rs. 3864040
Less: 5% Retention in Bal bills Payable Rs. 193202
Net Bills payable Amount Rs.3670838.
Then we will be paid two part amount in bill amount(i.e 1670838 + 2000000). When we are paying this amount, can I deduct any TDS amount?.So plz kindly clarify me about the bill matter, how to calculate and pay the amount.
From India, Coimbatore
Dear Chandrabalan, I think it would be better if you put these figures in tabular form, for example in Excel. Then, it will help us to make any amendments and post it.
From United Kingdom
1624From United Kingdom
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