https://www.taxtmi.com/news?id=11794 Amendments modify the composition scheme for works contract dealers to allow mid year withdrawals, scheme switching, and uniform scheme selection for all contracts in a financial year; require tax payment on opening stock when changing from a higher to a lower scheme and permit adjustment of carry forward tax credit against such liability; increase the allowable purchases from unregistered dealers; reduce forfeiture on non compliance to fifty percent; and alter main contractor-subcontractor treatment so subcontractor deduction is limited to tax computed at the lower of the two composition rates, with the main contractor liable to deduct VAT TDS on the differential where applicable. en-us Thu, 03 Oct 2013 11:34:33 +0530 Thu, 03 Oct 2013 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11794 Amendments modify the composition scheme for works contract dealers to allow mid year withdrawals, scheme switching, and uniform scheme selection for all contracts in a financial year; require tax payment on opening stock when changing from a higher to a lower scheme and permit adjustment of carry forward tax credit against such liability; increase the allowable purchases from unregistered dealers; reduce forfeiture on non compliance to fifty percent; and alter main contractor-subcontractor treatment so subcontractor deduction is limited to tax computed at the lower of the two composition rates, with the main contractor liable to deduct VAT TDS on the differential where applicable. News - Thu, 03 Oct 2013 11:34:33 +0530 https://www.taxtmi.com/news?id=11794