Works contract tax and AS-7
This query is : Resolved
19 November 2009
X,a works contractor in Kerala undertakes contract for construction of villas.During 08-09,he received 90 laks,but raised bills for Rs.45 lakhs.In the P&L for 08-09,income is recognised on percentage completion method as per AS-7 to Rs.92 lakhs.He had paid Kerala VAT on amount received,ie.Rs.90 lakhs.Is he liable to pay works contract tax on Rs.2 lakhs which is the difference of income recognised and money received?He pays the tax on compunding at 3%
19 November 2009
No need to pay KVAT on the said Rs.2 lakhs because bill has not been raised.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Bank Accounts in Balance Sheet for ITR 3
- Gift of mutual fund units to daughter
- Annual return of gst limit
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Reporting of STCG on Property in ITR
- Error while filling exam form November 2026
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
