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+--- Thread: WIthholding Tax Amount (/showthread.php?tid=19752)
WIthholding Tax Amount - Jay - 02-19-2015
Dear Seniors,
If the advance payment of a contract made with a tax deduction which was deposited as well. But later on contract goes into Cancellation without any deliver. How much refund should be; the gross amount or the net amount? Either payer will book tax amount as cost or the receiver has to refund gross amount and will accept tax deduction certificate?
Waiting for a kind response
RE: WIthholding Tax Amount - Sheraz Ahmad - 04-16-2015
(02-19-2015, 02:00 PM)Jay Wrote: Dear Seniors,
If the advance payment of a contract made with a tax deduction which was deposited as well. But later on contract goes into Cancellation without any deliver. How much refund should be; the gross amount or the net amount? Either payer will book tax amount as cost or the receiver has to refund gross amount and will accept tax deduction certificate?
Waiting for a kind response
In this Case,If the Tax Amount Deposited into Govt Treasury then the Withholding Agent is Liable to Refund The Net Amount Along with Income Tax Paid Challan to the Party otherwise full amount of Contract payment will liable to refund the Vendor as per Mutual Understanding.