12 August 2009
I want to know whether we have to file a return for Works Contract Tax ?? and whether any assessement is carried out for the same??Where can i find WCT Act??
There is no Act called Works Contract Tax Act. There is no tax called Works Contract Tax.
As far as Indirect taxation is concerned, a works contract involving transfer of property in goods and provision of taxable service, is taxable with regard to transfer of proerty in goods under the local VAT Act or CST Act and the services provided are taxable under Service TAx Scheme of Finance Act, 1994.
Whenever you make a payment to your contractor you have to effect TDS as per the local VAT Act / Rules and remit the same within the prescribed period to your Tax assessing authority and issue your contractor a certificate confirming this action.
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