Accounting treatment of WCT & TDS.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 December 2010
As a contractee I am deducting WCT as per state law and TDS as per income tax law on civil contract.
contract for Rs. 500000
how much TDS and WCT will be if tax rate is 2 % for TDS and 4 % for WCT and what is accouting treatment will for this transaction.
contract for Rs. 500000
how much TDS and WCT will be if tax rate is 2 % for TDS and 4 % for WCT and what is accouting treatment will for this transaction.
CMA Ramesh Krishnan
(Expert)
30 December 2010
Income tax TDS 2% on the gross bill or payment made during the period
WCT on gross bill value
WCT on gross bill value
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