Works contract tax
This query is : Resolved
21 March 2013
Hi all,
1 Can anyone tell me what is works contract tax???
2 when is it leviable???
3 its rate??
4 and how is it different from TDS??
Do we need do deduct both i.e TDS & WCT from a given transaction.
1 Can anyone tell me what is works contract tax???
2 when is it leviable???
3 its rate??
4 and how is it different from TDS??
Do we need do deduct both i.e TDS & WCT from a given transaction.
21 March 2013
1. Work contract tax is nothing but VAT under local sale tax
2. Leviable when single contract taken for supply of material & labour together
3. Rate depends on the State WCT act and scheme
4. TDS is just tax deduction at source, TDS may be on any tax either VAT, WCT & Income tax. But WCT is the one type of tax
Under Work contract tax also TDS will apply
your query put under service tax category, under service tax also one Work contract service is there
2. Leviable when single contract taken for supply of material & labour together
3. Rate depends on the State WCT act and scheme
4. TDS is just tax deduction at source, TDS may be on any tax either VAT, WCT & Income tax. But WCT is the one type of tax
Under Work contract tax also TDS will apply
your query put under service tax category, under service tax also one Work contract service is there
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