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Invoice related issue
10 months ago
A ltd contract with B ltd for an event of Rs.500000 and B ltd taken services from C ltd for completion of A ltd event for a sum of Rs.10000. C ltd raised invoice in the name of B ltd. Who is liable to kept Original invoice as per Indian income tax law?
A.Dear Client,
When a contract is executed between A & B for an assignment which was done through hired service of C who was engaged by B. C has rightly reaised the invoice against B who has engaged him for the Job on the basis of contrac value of assignment payable by A Co. So A being payer of total contract value to B, B should hand over the invoice to A to get contract value from him. Thus, when contract is made between A & B, A is required to keep that invoice in support of his expenses in connection with the contract to show it in his statement of accounts for the purpose of computation of income for filing of ITR. It is advised to consult with a CA for further clarification in the matter.
When a contract is executed between A & B for an assignment which was done through hired service of C who was engaged by B. C has rightly reaised the invoice against B who has engaged him for the Job on the basis of contrac value of assignment payable by A Co. So A being payer of total contract value to B, B should hand over the invoice to A to get contract value from him. Thus, when contract is made between A & B, A is required to keep that invoice in support of his expenses in connection with the contract to show it in his statement of accounts for the purpose of computation of income for filing of ITR. It is advised to consult with a CA for further clarification in the matter.
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