DVAT: TAX DEDUCTION AT SOURCE
Tax
deduction at source @ 2% in case of registered dealers/contractors and @4% in
case of unregistered dealers/contractors from the bill amount of works
contracts executed will be made by the contractees to whom properties in goods
is transferred through a works contract. Contractee will issue a certificate in
Form DVAT 43 to the dealer/person transferring property and deposit the tax so
deducted in an authorized bank in electronic mode or in
the government treasury before the expiry of 15 days following the
month in which the deduction is made.
A person required to deduct tax at source shall apply for registration in Form DVAT 44 and obtain Tax Deduction Account Number (TAN) within 7 days from the date on which tax was first deducted or deductible. TAN will be issued in form DVAT 45.
A person required to deduct tax at source shall apply for registration in Form DVAT 44 and obtain Tax Deduction Account Number (TAN) within 7 days from the date on which tax was first deducted or deductible. TAN will be issued in form DVAT 45.
Persons
who have been allotted TAN are required to deposit the tax deducted within 15
days following the month in which deduction is made and file a TDS return in
Form DVAT 48 within a period of 28 days from end of the quarter in which the
tax is deducted.
Any
delay in depositing of the TDS amount and failure to file TDS returns is
subjected to interest and penalties.
The
works contractor/dealer on whose behalf the tax has been deducted at source can
claim a credit for the TDS amount in the tax period in which he is issued the
TDS certificate.
Regards
CA. Mona Singhal
Partner
Arpit Gupta & Associates
Chartered Accountants
701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001
Mobile:- +91-9873082769
Website: www.caaga.co.in
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