Work contract tax

This query is : Resolved

Vishwas Bidada (Querist)
Follow

28 April 2012 What is the rate of work contract tax... Is it 4% (old) or 4.12% (old)... Please confirm me with ur wise opinions...
And also if u have any note on it so please send me... It will be very helpful...

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
Follow

28 April 2012 Works COntract Tax consists of three components:

Basic Rate + 2% Education Cess+ 1%Secondary & Higher Education Cess

Old rates upto 31.03.2012: 4%+(2%+1%) on 4%= 4.12%

New Rates w.e.f. 04.04.2012: 4.8%+(2%+1%) on 4.8%= 4.944%

Message likes : 1 times