What is the prevailing rate for WCT in MVAT?
Thanks in advance
Abhijeet Deshpande (Co-Founder & Manager @ Tax-Yantra) (1171 Points)
04 February 2011What is the prevailing rate for WCT in MVAT?
Thanks in advance
Jitendra Jhanwar
(Officer)
(129 Points)
Replied 05 February 2011
Dear Abhijeet,
Following are the provisions relating to WCT in MVAT:-
1 Intimation to Dept. regarding works contract:- No Specific Provision
2 Liability to deduct the TDS:- If the contract value exceeds Rs. 5 Lacs.
3 Rate of WCT TDS:- Registerd Dealer : 2%; Un Registered Dealer: 4%
4 To be deposited within :- Return cum Challan in Form 405, within 21 days
5 TDS Certificate (Form):- Form 402
6 Certificate to be issued in days:- To be issued immediately, no period specified.
7 Statement of TDS deposited:- Annual return in Form 405 to be submitted within 3 months from end of the year.
Jitendra Jhanwar
shreeharipriya.nayak
(trainee)
(48 Points)
Replied 17 February 2011
<!--[if !supportEmptyParas]--> <!--[endif]-->
<!--[if !supportLists]-->1 <!--[endif]-->Intimation to Dept. regarding works contract:- No Specific Provision
<!--[if !supportLists]-->2 <!--[endif]-->Liability to deduct the TDS:- If the contract value exceeds Rs. 5 Lacs.
<!--[if !supportLists]-->3 <!--[endif____________________
__________________________
shrreharipriya nayak
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
