Wct liability calculation in west bengal.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 May 2012
Sir,
We are civil contractors and construct the buildings (Commercial and housing) for clients. The client had deduct WCT @ 2% on work done. Please tell us that how can we calculate that which amount of tax is Payable by us for 2011-12? I am waiting for your valuable reply.
We are civil contractors and construct the buildings (Commercial and housing) for clients. The client had deduct WCT @ 2% on work done. Please tell us that how can we calculate that which amount of tax is Payable by us for 2011-12? I am waiting for your valuable reply.
MJ Krishnamurthy
(Expert)
09 May 2012
Mr Author,
Out of the total receipts you may deduct the value of labour,subcontract payments,if any,and establishment expenses,and on the balance calculate the tax at the applicable ratesi.e.@4% for declared goods like steel etc and @ 12.5%for other goods.Deduct the TDS amount and input tax credit, from the tax payable already arrived,and pay the balance to the govt.....MJK
Out of the total receipts you may deduct the value of labour,subcontract payments,if any,and establishment expenses,and on the balance calculate the tax at the applicable ratesi.e.@4% for declared goods like steel etc and @ 12.5%for other goods.Deduct the TDS amount and input tax credit, from the tax payable already arrived,and pay the balance to the govt.....MJK
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