Work contract tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 October 2016
Is Work contract tax(WCT) Allowable Expenses in profit & loss a/c as per income tax act.
(Taxpayer is real estate company . company makes affordable flats for municipal corporation. municipal corporation deduct works contract tax. company taken WCT in p&l as expenses. it is allowable or not. is any case law related with WCT taken as expenses? & what is the reasult?)
(Taxpayer is real estate company . company makes affordable flats for municipal corporation. municipal corporation deduct works contract tax. company taken WCT in p&l as expenses. it is allowable or not. is any case law related with WCT taken as expenses? & what is the reasult?)
02 October 2016
See the terms of contract agreement, if it provides for payment of applicable works contract tax then WCT should not be taken to p&l, to be adjusted against claim. If the agreement does not provide the claim then charging to p&l is allowed.
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