WCT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2009 We are constructing Building at Factory Level by giving Contract to the Builder. Whether that Builder will charge Works Contract on the Contract Value. If Yes, then can we able to get set-off of the Bills raised of the contract value.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

22 November 2009 First if you have given contract for Construct factory building,you have to deduct TDS if you are paying amount of Rs.20000/- in one payment and after all payment or Payable for the Year Rs.50000/- in a year...
TDS Rates are as below....
â€¢ Contracts to Individuals/HUF = 1%
â€¢ Contracts to others = 2%
â€¢ No surcharge or Cess is applicable for TDS. Only the specified TDS rates should be considered for deduction
â€¢ Applicable for AY 2010-11 (FY 2009-10).

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2009 I am asking abt the Works Contract & not abt the TDS rate applicable to the Contract

Upgrade to CAclubindia Pro. Subscribe Now!