WCT
This query is : Resolved
01 September 2009
Can anybody tell me about Works Contract Tax (WCT), on what type of contracts WCT is deductible and at what rate??????
01 September 2009
WCT TDS should be deducted on those contracts where the contractor uses his own material and labour to complete the contract.
WCT TDS rate under the MVAT Act:
If the WCT contractor is Unregistered Dealer then, WCT TDS should be deducted @ 4% if the amount of contract exceeds Rs.500000.
If the WCT contractor is Registered Dealer then, WCT TDS should be deducted @ 2% if the amount of contract exceeds Rs.500000.
WCT TDS rate under the MVAT Act:
If the WCT contractor is Unregistered Dealer then, WCT TDS should be deducted @ 4% if the amount of contract exceeds Rs.500000.
If the WCT contractor is Registered Dealer then, WCT TDS should be deducted @ 2% if the amount of contract exceeds Rs.500000.
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