TDS On WCT

[Mukund Honkan]

We have opted for composite scheme under MVAT(Maharashtra). We have accounted certain Invoices raised on client in the year 2010-11, the said amount is received in the year 2011-12 after deducting TDS on WCT.  Please let me know in which year  we should account for TDS on WCT corresponding to the said invoice regards, Mukund M Honkan

AI Summary

Clarification Sought on TDS Accounting Year for Works Contract Tax Invoices Under Composite Scheme for 2010-11 Payments A discussion was initiated regarding the accounting of TDS on Works Contract Tax (WCT) for invoices raised in 2010-11 but paid in 2011-12 under a composite scheme in Maharashtra. The first respondent suggested accounting the TDS in 2010-11 if the concern is solely for accounting purposes and not return filing. The original poster sought further clarification on the correct year for considering this in the VAT return.