12 July 2010
Full form of TDS is tax deduction source it is the tax which is deducted for the parties by company and it is a expense for company.
WCT stand for work contract tax. It is deducted when vendor has worked with material supply. For example:-
"A" company is a Infrastured company. They need some work for civil work.They contacted another vendor like "B". "B" will supply the material and labour will also provide. This is labour and material. "A" will make payment and deducted WCT and TDS both.
CAclubindia
