Wct

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kundan

kundan (Querist)
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09 March 2016 what is rate of WCT in Delhi?

Yogesh Shukla

Yogesh Shukla (Expert)
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09 March 2016 REGISTRATION AND OBTAINING TAX DEDUCTION ACCOUNT NUMBER (TAN)

Every person responsible for making deduction of tax under section 36A shall apply for Tax Deduction Account Number (T.A.N) 2[within seven days] from the date on which the tax was deducted or deductible in Form DVAT-44 and a Tax Deduction Account Number shall be issued in Form DVAT-45.

DEDUCTION & PAYMENT OF TAX

Applicable if contract value exceeds Rs.20000/-

TDS Rate
4% for registered contractors
6% for unregistered contractors
Due date for deposit of TDS: 15th of next month
Mode of payment - e-payment is mandatory
Certificate of Deduction of tax - DVAT 43 to be given to the deductee by 15th of next month
RETURN

Return in Form DVAT 48 to be submitted on quarterly basis
Due date: 28 days from the end of the quarter
PENALTIES

Non Deduction or Non-payment - A sum not exceeding twice the amount so deductible or payable
Simple interest from the date applicable to the actual date of compliance - 16% per annum
Delay in furnishing TDS certificates - Rs.200/- per day
RELEVANT FORMS

DVAT 43 - Certificate of Deduction of Tax At Source Delhi Value Added Tax Act, 2004
DVAT 48 - Form of Quarterly Return by the Contractee

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