Wct tax
This query is : Resolved
10 September 2012
Dear Experts,
Please guide me how to calculate wct tax? on which amt it should be calculated ? how to pay wct tax if company dont have tin no ? and what is procedure payment of wct tax please help me its very urgent
Please guide me how to calculate wct tax? on which amt it should be calculated ? how to pay wct tax if company dont have tin no ? and what is procedure payment of wct tax please help me its very urgent
10 September 2012
WCT to be deducted 4% on invoice gross value and without TIN Number you are not able to submit that amount. First you have to obtain TIN Number. As per Haryana VAT rules.
Regards
Pardeep Khaneja
Regards
Pardeep Khaneja
Message likes :
1 times
10 September 2012
you need to register first.
BRIEF NOTE REGARDING PROVISIONS RELATING TO TDS UNDER MVAT ACT-(RULE-40 & S.31 OF MVAT ACT)
1) Rate of TDS under MVAT Act -
A)For Contractors REGD-under MVAT Act @2%
B)For ContractorsUNREGD- under MVAT Act -@4%-Up to 31/3/2012
-@5% w.e.f. 1/04/2012
TDS is to be done on the Bill amount excluding Service Tax if any levied in the Bill
2) Basic Limit- No deduction of Tax if the Payments/Bills in a financial year is less than Rs. 5,00,000/-However TDS applicable from Re. 1/ if the Payments/Bills in a financial year is more than Rs. 5,00,000/-TDS is to be done on the Bill amount excluding Service Tax if any levied in the Bill
3) Tax is deductible at the time of Payments/Credit of Bills whichever is earlier.
4) TDS provisions are applicable only at the first stage of Work ,i.e. Tax is required to be deducted at Source only from the Bills/ Payments of Principal/First Contractor & these provisions are not applicable for payments by Principal/First Contractor to further Sub Contractors.
5) TDS is to done only by the Certain categories of specified persons-Published List is enclosed separately(Copy of notification enclosed)
6) TDS-to be deposited within 21 days from the end of the month in which such tax was deducted or was deductible.(Challan No.210)
7) Certificate for TDS to be issued monthly in Form 402( Specimen enclosed)
8) Annual Return in Form-405-is to be submitted within three months from the end of the financial year.(Specimen enclosed)
BRIEF NOTE REGARDING PROVISIONS RELATING TO TDS UNDER MVAT ACT-(RULE-40 & S.31 OF MVAT ACT)
1) Rate of TDS under MVAT Act -
A)For Contractors REGD-under MVAT Act @2%
B)For ContractorsUNREGD- under MVAT Act -@4%-Up to 31/3/2012
-@5% w.e.f. 1/04/2012
TDS is to be done on the Bill amount excluding Service Tax if any levied in the Bill
2) Basic Limit- No deduction of Tax if the Payments/Bills in a financial year is less than Rs. 5,00,000/-However TDS applicable from Re. 1/ if the Payments/Bills in a financial year is more than Rs. 5,00,000/-TDS is to be done on the Bill amount excluding Service Tax if any levied in the Bill
3) Tax is deductible at the time of Payments/Credit of Bills whichever is earlier.
4) TDS provisions are applicable only at the first stage of Work ,i.e. Tax is required to be deducted at Source only from the Bills/ Payments of Principal/First Contractor & these provisions are not applicable for payments by Principal/First Contractor to further Sub Contractors.
5) TDS is to done only by the Certain categories of specified persons-Published List is enclosed separately(Copy of notification enclosed)
6) TDS-to be deposited within 21 days from the end of the month in which such tax was deducted or was deductible.(Challan No.210)
7) Certificate for TDS to be issued monthly in Form 402( Specimen enclosed)
8) Annual Return in Form-405-is to be submitted within three months from the end of the financial year.(Specimen enclosed)
Message likes :
2 times
10 September 2012
WCT just like VAT is different in different states. You please tell for which state you want to know the WCT rates.
In Haryana it is 4%
In Rajasthan it is 3%
In Delhi it is 2%
etc.etc.
In Haryana it is 4%
In Rajasthan it is 3%
In Delhi it is 2%
etc.etc.
11 September 2012
Bharat,
For practical WCT & Vat (in maharashtra) could you suggest any reference book that is easy to understand & covers all aspects.
I should say your explanation, as above, covered all the bases of the question. Well explained!
For practical WCT & Vat (in maharashtra) could you suggest any reference book that is easy to understand & covers all aspects.
I should say your explanation, as above, covered all the bases of the question. Well explained!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- TDS NUMBER SURRENDER
- Offsetting interest income against derivative trading losses
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Application of 115BAC
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
