Wct tds

This query is : Resolved

SUJITH V R (Querist)
Follow

31 December 2016 Hi , Please help me to calculate net payable amount under work contracts.
Contractor bill amount:-
Value of work (including labour and material charge)= 300000
KVAT charged = (300000*75%)*14.5% = 32625
Service Tax charged= (300000*40%)*15% = 18000
Total Billed amount = 300000+32625+18000= 350625

We are the client to pay bill amount, Please tell how to calculate net amount after deducting TDS-1%, WCT-8% and Retention- 5%

ND (Expert)
Follow

31 December 2016 The calculation will be as under:-
Value of work 3,00,000
KVAT Charged 32625
Service tax charged 18,000
TDS 3000
Retention 24000
WCT 8% of 32625=2610
Amount payable 321015(350625-3000-24000-2610)

Message likes : 1 times