21 August 2014
Sir, I have a query that to which amount we should charge WCT TDS and TDS 94C. For Example:- Gross Bill 100.00 (+)Service Tax (100*40%*12.36%) 4.94 TOTAl 104.94 (+)VAT (104.94*75%*12.5%) 9.84 TOTAL 114.78 TDS U/s 194C @ 2% ? TDS WCT @4% ?
Sir my query is that to which amount we have to charge TDS of 94C as well as WCT. Pls suggest me.
21 August 2014
S. 6B. Tax Deduction at Source : "(1) Notwithstanding anything contained in this Act, an employer or class of employers which may be notified by the State Government for the purposes of this Section, from time to time, shall deduct tax from, and out of the amount payable by such employer to a dealer to whom a works contract has been awarded involving transfer of property in goods (whether as goods or in some other form) at the rate of 2 per cent of such amount payable towards such contract :
“Provided that no such deduction shall be made where the amount or the aggregate of the amounts payable to a dealer by such employer is less than rupees two lakh during any year :
“Provided further that, the quantum of such deduction shall not exceed the quantum of tax or an amount in lump sum by way of composition payable towards the works contracts :
“Provided also that, no deduction shall be made from any payment made to any sub-contractor by a principal contractor, where the principal contractor has assigned the execution of any works contract to the said sub-contractor :
“Explanation — Where any payment in the nature of an advance payment towards the execution of a works contract is made by an employer to a dealer and such amount is adjustable against the total contract value payable to the said dealer then, for the purposes of this sub-section, the advance payment shall be deemed to be the amount paid in respect of the works contract only when such advance payment is adjusted in part or otherwise, against the total amount payable towards the works contract :
kIND ATTENTION ON "Amount payable by such employer to a dealer "
CAclubindia
