Work contract tax

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karthi (Querist)
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23 December 2011

Dear All,
I am new to Construction company finance field Some of client deduced the WCT work contract tax for some project & they issued the respective Form T & R . I claimed when we return the vat.
Even though i need a elaborate explanatory of WCT for Deductor & deductee point of view
by
karthik

Vishnu Saboo

Vishnu Saboo (Expert)
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27 December 2011 this called WTDS, and it's simmilar to TDS in income tax.
the contractee need to deduct the WTDS and has to be diposted the same in Govt. treasury, if he awarded the contract of specified contract amount.
and he has to issue cetificate along with challan copy so paid the WTDS.
the contractor can claim such amount in his return.

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