work contract tax
This query is : Resolved
28 June 2009
What is the defination of works contract and on what amount TDS is deducted. is there any provision that says, 30% should be considered as labour charges and on the rest of bill amount i.e. 70% is to be taken for deduction of TDS @ 4%.
28 June 2009
where labour is also incloved and material is also invloved then it is called work contract.
TDS @2% u/s 194C on whole amount including for material and labour is deductible.
TDS @2% u/s 194C on whole amount including for material and labour is deductible.
29 June 2009
“works contract” means a contract wherein,
transfer of property in goods involved in the execution of such contract is leviable to tax as sale of goods.
70%-30% issue is not in IT Act,1961 but certain states has included such provisions in their respective VAT Act.
transfer of property in goods involved in the execution of such contract is leviable to tax as sale of goods.
70%-30% issue is not in IT Act,1961 but certain states has included such provisions in their respective VAT Act.
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