Work contract tax

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Vishwas Bidada (Querist)
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28 April 2012 What is the rate of work contract tax... Is it 4% (old) or 4.12% (old)... Please confirm me with ur wise opinions...
And also if u have any note on it so please send me... It will be very helpful...

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
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28 April 2012 Works COntract Tax consists of three components:

Basic Rate + 2% Education Cess+ 1%Secondary & Higher Education Cess

Old rates upto 31.03.2012: 4%+(2%+1%) on 4%= 4.12%

New Rates w.e.f. 04.04.2012: 4.8%+(2%+1%) on 4.8%= 4.944%

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