Reverse mechanism under works contract.
This query is : Resolved
13 May 2014
On what value, tax liability @ 40% be calculated under works contract?
13 May 2014
The 40% tax liability is on total amount charged for works contract.As per Rule2A(ii)
Total Amount=Gross Amount charged for the works contract
Add:FMV of all goods and services supplied
Less:Amount charged for the goods and services
Less:Vat or sales tax ,if any levied.
The Gross Amount Charged doesnot include the value of land
Total Amount=Gross Amount charged for the works contract
Add:FMV of all goods and services supplied
Less:Amount charged for the goods and services
Less:Vat or sales tax ,if any levied.
The Gross Amount Charged doesnot include the value of land
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Applicable TDS for Purchase of Flat from NRI
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- Form 10BD Filling
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
