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+--- Thread: A question regarding change in terms of agreement (/showthread.php?tid=8952)
A question regarding change in terms of agreement - Smahnz - 10-14-2010
Dear I have a confusion. I hope you people will sort out this problem.
I had a contract with my vendor for web development. The total amount of contract was 10000/- and term was 50% advance payment which was made accordingly. At tht time my firm was not registered so there was no NTN. Meanwhile, during the course of contract the amount was adjusted due to some reason so are terms.
Now I have to give my vendor monthly 3000/- in which he says that the initial advance payment is also adjusted accordingly. Now I have to pay him another 5000/-. I also have now NTN.
Now my questions
1)should i with-held the tax on the remainder payment or i make him full payment.
2)If yes then, in which section this payment will fall. for me it must fall under 153(1)(b)with 6% tax
3) and also if yes then should i with-held the amount of 10,000 or just for 5000?
Looking for your kind reply
- LapTop - 10-14-2010
sab say pahly to ye batayen k ap Ka status kya hay, ap business individual hayn ya registered firm han.
- LapTop - 10-14-2010
Oki is ka matlab ap withholding agent to han, ab daykhna ye hay k ap is payment par withheld kar sakty han ya nahi,,,
Kya contract firm k sath hay,,
Kya expense firm ka book kiya hay
Jitna expanse firm ka book ho ga us par hi ap withheld kar sakyn gay,,,,
- Smahnz - 10-14-2010
yah other firm is also a pvt limited.
expense to nahe abhe tu asset he book hay as a advance mager wo complete payment pay book hu jaye ga
tu kia mein us initial advance ka bhee tak deduct ker lun?
- LapTop - 10-14-2010
Asann alfaz may aysy samajh layn, k jitney ka ap expence book karyn gay firm ka,,,, ya jitney paysy firm k account say un ko pay karyn gay, ya jo amount ap un ko withholding certificate pay likh kar dayn gay, us k 6% ap ko withheld karna hay,,,
Yani agar ap 5000 apny firm k account say un ko day rahay han or 5000 ap nay pahly hi day diye thay jis ka ap ki firm ki books may koi record nahi to aap sirf 5000 par withheld karyn gay,,,
Par agar ap nay jo amount apni firm registered hony say pahly pay kiya tha or usy preliminary expense book kiya tha tab pory 10000 par withheld karyn gay.