Works contract tax
This query is : Resolved
Ramaswami Thondikulam
(Querist)
23 October 2013
Dear Sir,
What is WCT output Tax and if our Vendor has charged WCT output Tax, do we have to deduct WCT TDS inclusive of WCT output tax amount
Pls confirm
Regards
Ramaswami
What is WCT output Tax and if our Vendor has charged WCT output Tax, do we have to deduct WCT TDS inclusive of WCT output tax amount
Pls confirm
Regards
Ramaswami
23 October 2013
In the cited case, income tax is to be deducted on the bill amount ie, inclusive of WCT (levied as per the VAT act) by the contractor.
MJ Krishnamurthy
(Expert)
23 October 2013
If you are required to do TDS on works contract bills,you have to do it on the taxable value i.e. before deducting any TDS or charging any output tax....mjk
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Ramaswami Thondikulam
(Querist)
24 October 2013
Thank you very much sir for replying to my query
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