Composite tax on works contract
This query is : Resolved
26 September 2013
at What % TDS (VAT)to be deducted on Works Contract, whether 4% / 5% explain with supporting proof. as per Sec 15 1/b of KVAT Act 2003 it is Not Exceeding 5%. then whether to be deucted at 4%, 3%, or 2%?
Please explain
Please explain
26 September 2013
For doing TDS on works contract bills specific rates are not given. TDS is to be made as per the tax liability of the contractor.In the normal cases 4% TDS is made as it is the rate of tax payable under composition scheme.If a ontractor feels that it is too high and prooves that his actual liability falls at a lower rate,e.g. due to major part of work being entrusted to subcontractors etc,he can get the TDS rate reduced to appropriate level.See sec9A of KVAT Act for details.....mjk
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