10 March 2010
Hi can anyone plz guide me what is work contract tax & what are the rules & regulataions regarding it? or plz provide me any link to study it. since we are a construction company ......... Is it Wct of Sec 194C,how it is different from tds?
13 March 2010
Some contracts are for contracts for labour, work or service and not for sale of goods, though goods are used in executing the contract for labour, work or service e.g. when a contractor constructs a building, the buyer pays for cost of building which includes cost of building material, labour and other services offered by the Contractor. Property in building is passed on to buyer and there is no contract for supply of building material as such. it is kind of sales tax and ofcourse not governed by Sec 194C of Income Tax Act, 1961.
CAclubindia
