31 July 2014
what is WCT (Works contract tax)? one of my friend is a electrical contractor in HPCL.Company gives his payment through NEFT it deducts TDS & WCT also so I just want to know that - 1) what is WCT and 2) can it be refundable? and 3) how to treat it in accounts ? pls give me detailed information about it.
31 July 2014
WCT is applicable on contracts involving sale of both goods and services. WCT is the VAT deducted at source of which you can avail credit while paying the vat. Treatment of WCT TDS is similar with the Income Tax TDS in accounts
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