Work contract tax
This query is : Resolved
17 January 2012
Can anybody please tell me what is work contract tax? How does is levied ? What is current rate for WCT and is there any kind of return is to be filled in respect of WCT ?
18 January 2012
Mr P Kumar,
Tax levied on the property transfered in a contract work(civil,electrical,etc)is work contract tax.Material value is calculated by reducing the value of labour and expences from the total receipts and tax is levied.In some states a common rate is adopted and in many the rate applicable to goods consumed is applied.
MJK
Tax levied on the property transfered in a contract work(civil,electrical,etc)is work contract tax.Material value is calculated by reducing the value of labour and expences from the total receipts and tax is levied.In some states a common rate is adopted and in many the rate applicable to goods consumed is applied.
MJK
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