Works contract tax
This query is : Resolved
19 May 2009
What is works contract tax ? what is its rate? how is it levied and on which amount levy is made?
19 May 2009
it is just like TDS. the payee has to deduct tax on certain specified payments eg civil construction. if you are paying any payment to contractor you have to deduct work contract tax on such payment @ 2% and it will be submitted to state govt. account.
(not applicable on indl and huf)
(not applicable on indl and huf)
19 May 2009
There is a section in the Income tax Act,1961 viz., 44AD dealing with a special provision for computing profits and gains of business of civil constructions. Other than that I haven't heard of 'works contract tax' in IT Act,1961. If you need to read section 44 AD, Pl log in to www.incometaxindia.gov.in
19 May 2009
the liable amount is bill amount by contractor before any tax ie vat or service tax.
19 May 2009
I just checked your profile and understood that you are in BSN. So, Mr.Zeeshan's reply will suit to your case.
19 May 2009
Bharath Sanchar Nigam Limited.
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