Dear Sir/Madam,
I need clarification for abatement on works contract.
I want to know, since which financial year the 60% abatement on works contract had been provided by finance act, 1994?
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Abatement on works contract
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Abatement on work contract is as follows
Nature of work contract % of Value of Service
Original Work Contract 40%
Repairing of Movable Property 70%
Repairing of Immovable Property 60%
Abatement scheme was brought in with effect from 01.07.2012 ...... & composition scheme was abolished.
60% abatement is only for "Original Works"
refer notification 24/2012
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