23 June 2014
what are the conditions to be satisfied for a contract to be treated as a works contract? also how is service tax , tds and vat applicable on the same?
24 June 2014
1. There should be an agreement to carry out, for valuable consideration, a work for construction, fitting out,improvement, repair, manufacture, processing, fabrication, erection, installation, modification or commissioning of any movable or immovable property.
2. There should be a transfer of property in goods, whether as goods or in some other form, in the execution of the above said contract.
3.(a) VAT attracts on the value of transfer of property in goods. (b) Service tax attracts on the value of contract excluding the amount as in (a) above. (c) TDS on the value excluding service tax.
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