I have the following queries in respect of Works Contract Tax (WCT). Please answer.
1) Who should handle Works Contract Tax (WCT)? Contractor or Principal or both ?
2) Whether Contractor should charge WCT to the Principal over and above the contract amount / bill ? If yes, then what’s the role of Principal?
3) Or the Principal should deduct the WCT as TDS from the bill of the Contractor?
4) When should WCT be applied ? (On each bill or at the end of the contract during final bill or financial year wise?
5) Where WCT is to be deposited? (in the Contractor’s state or Principal’s state)
CAclubindia
