CA Tushar Singhania (Asst. Manager Accts & Fin.) (402 Points)
07 June 2011I would like to know what exactly is WCT
Is it a diffrent name for VAT or is it a diffrent form of tax. If it is a diffrent type of tax then can anyone please tell me the provisions in short, as in where is it applicable? what are the tax rates in west bengal.
Thanking You
Tushar Singhania
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 07 June 2011
WCT is not any special type of tax nor it is aany new way of taxation..
it is only the a form of VAT..
u can treat it as same as TDS of income tax..
in this case WCT is been deducted by the Contratee (i.e. the payment mader) on behalf of contartor.
& depsoited in credit of state government after then the conatrator has to file its return & Claim its refund or depsoited it extra tax........
CA. ANKUR JAIN
(CA.....)
(2800 Points)
Replied 07 June 2011
| Originally posted by : PRADEEP & SUDHIR JI | ||
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WCT is not any special type of tax nor it is aany new way of taxation.. it is only the a form of VAT.. u can treat it as same as TDS of income tax.. in this case WCT is been deducted by the Contratee (i.e. the payment mader) on behalf of contartor. & depsoited in credit of state government after then the conatrator has to file its return & Claim its refund or depsoited it extra tax........ |
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agrreeeeeedddd!!!
CAclubindia
