Wct liability calculation in west bengal.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2012 Sir,
We are civil contractors and construct the buildings (Commercial and housing) for clients. The client had deduct WCT @ 2% on work done. Please tell us that how can we calculate that which amount of tax is Payable by us for 2011-12? I am waiting for your valuable reply.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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09 May 2012 Mr Author,
Out of the total receipts you may deduct the value of labour,subcontract payments,if any,and establishment expenses,and on the balance calculate the tax at the applicable ratesi.e.@4% for declared goods like steel etc and @ 12.5%for other goods.Deduct the TDS amount and input tax credit, from the tax payable already arrived,and pay the balance to the govt.....MJK