Work contract tax

This query is : Resolved

RANDEEP TANDEL (Querist)
Follow

05 April 2012 HELLO,
MY QUERY IS : MR. "A" INTERIOR DESIGNER, HE WOKRS WITH LABOUR CHARGES & MATERIALS TO INTERIOR DISGN & DECORATION, BUT THIS FIRST YEAR 2011-12 HE CROSS TURNOVER RS.20 LAC (LABOUR + MATERIALS), SO I WANT KNOW WHAT PROCEDURE LAIBLE TO HIM, VAT % & SER TAX % ???? & WAHT ABOUT SET OFF ? PLS LET ME KNOW ??

Prakash Kochar

Prakash Kochar (Expert)
Follow

06 April 2012 Query for which State ?

RANDEEP TANDEL

RANDEEP TANDEL (Querist)
Follow

07 April 2012 MAHARASHTRA,MUMBAI

Prakash Kochar

Prakash Kochar (Expert)
Follow

08 April 2012 Under M VAT Act dealer is under statutory obligation to hold RC/TIN if his turnover of sale exceeds limit of Rs. 500000/- (where there is no OMS purchases), If OMS purchases are exceeding Rs. 10000/- then limit for RC is 100000/-
It appears that, your turnover has exceeded limit, so apply as early as possible.
For URD period no setoff on purchases are available
If there is delay in obtaining RC, you may apply for administrative relief for URD period.

You can opt for payment of tax on sale by regular method or by composition method, for all contracts or you may follow any of the method either of these considering tax liabilty, for different individual contracts.
No tax is payable on pure labour contract. on gross value of indivisible contract you will be liable to pay tax under composition method @8%, and on opting regular method taxable sale is to be consider as prescribed u/r 58 and tax is payable on proportionate value of goods used at sch. rate, considering available setoff.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

eddanapudi murali

MAYANK

Devaraj B V

Hanuma Yanduri

Mukund Thakur

Subscribe Now

Work contract tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Senior Executive