WCT RETURN

[virendra singh]

DEAR SIR,

A FIRM REGISTERED IN 1ST QTR 2014-15 IN RVAT UNDER WCT. EC ISSUED ON 17/06/2014

WE FILED 1ST AND 2ND QTR VAT RETURN OF NIL TURNOVER. NOW THE FIRM HAS RAISED BILL IN 3RD QTR AGST PAYMENT OF CONTRACT WORK.

THE FIRM HAS RECD PAYMENT IN 3RD QTR AFTER DEDUCTING TAX BY THE AWARDER.

DO WE NEED TO FILE QTRLY RETURN OR WE CAN FILE VAT 11.

AND WHAT ARE THE PENALTY PROVISION FOR QTRLY. RETURN.

AI Summary

Withholding tax on contracts: whether quarterly VAT return or annual VAT form applies after tax deducted at source. Whether a firm registered under WCT that filed nil returns for initial quarters must file quarterly VAT returns or may instead use the annual VAT form after receiving payment for contract work where tax was deducted at source, and what penalty provisions apply for delayed or omitted quarterly returns.