Dear Sir/Madam,
I need clarification for abatement on works contract.
I want to know, since which financial year the 60% abatement on works contract had been provided by finance act, 1994?
RAHUL (Self Employed) (129 Points)
17 December 2013Dear Sir/Madam,
I need clarification for abatement on works contract.
I want to know, since which financial year the 60% abatement on works contract had been provided by finance act, 1994?
Jeetendra Goyal
(Student CA Final )
(175 Points)
Replied 17 December 2013
Abatement on work contract is as follows
Nature of work contract % of Value of Service
Original Work Contract 40%
Repairing of Movable Property 70%
Repairing of Immovable Property 60%
Siddharth Nigam
(Chartered Accountant)
(32 Points)
Replied 24 January 2014
Abatement scheme was brought in with effect from 01.07.2012 ...... & composition scheme was abolished.
60% abatement is only for "Original Works"
refer notification 24/2012