| Originally posted by :Jagan | ||
| " | Sir,One of my clients is a Real Estate Developer. They either purchase land or get into a JV with landowner and build commercial / residential complexes. They award the contract for construction of the said complex to a main contractor. (Here, cement and steel may be supplied by us). in that case, whar is the wct applicable to be paid to the contractor? | " |
| Originally posted by :Jagan | ||
| " | Sir,One of my clients is a Real Estate Developer. They either purchase land or get into a JV with landowner and build commercial / residential complexes. They award the contract for construction of the said complex to a main contractor. (Here, cement and steel may be supplied by us). in that case, whar is the wct applicable to be paid to the contractor? | " |
CA Vivek
(CA , CS)
(71 Points)
Replied 04 November 2008
| Originally posted by :Guest | ||
| " | Originally posted by :Jagan " Sir,One of my clients is a Real Estate Developer. They either purchase land or get into a JV with landowner and build commercial / residential complexes. They award the contract for construction of the said complex to a main contractor. (Here, cement and steel may be supplied by us). in that case, whar is the wct applicable to be paid to the contractor? " |
" |
TDS @ 2% + surcharge +education cess ll be levied
We are power construction company in Assam .We generally awarded contract from ASEB, POWER GRID CORPORATION etc In that case we have submitted our bills to concerned ASEB,POWER GRID CORPORATION OF INDIA LTD against our Work In Progress.They deduct the WCT(VAT) from our bill & they produced us WCT deduction certificate and we have to submitted the TDS(WCT) deduction certificate to Sales Tax deptt at the time of submission our VAT Returns.My question is if we do as a Sub Contractor under another ABC Company should we liable to pay WCT against our Turnover ? Kindly reply at the earliest.
Thanking you.
Pankaj Pathak
# +919706109464
Guwahati
rajesh kumar ojha
(TRADING & SUPPLIER)
(0 Points)
Replied 16 November 2008
| Originally posted by :Guest | ||
| " | I want to know about WCT & TDS RATE ON CONTRACTOR & SUB CONTRACTOR. WHAT IS THE RATE OF TDS ? WHAT IS THE RATE OF WCT ? WHAT IS TURNOVER LIMIT ? |
" |
MANISH
(SERVICE)
(26 Points)
Replied 19 November 2008
manisha jain
(C.A. Student)
(0 Points)
Replied 28 November 2008
please update me regarding all possible tax affairs
Dhurjyoti Bharadwaj
(Salaried)
(24 Points)
Replied 28 November 2008
Is Work Contract Tax Covered under the Following Charges :
We are doing a contruction work for our client in Haryana. our agreement is fixed for a amount which is inclusive all material except steel, labour and taxes. We have opted composition scheme for the same.
We are issuing them a bill for say Rs. 10,00,000.00 which is inclusive of all taxes like servce tax & VAT. Out of which they make payment after some deductions in measurement say Rs. 9,00,000.00 and they deducting VAT TDS @ 4% on Rs 9,00,000.00 i.e. Rs. 36,000.00. My point is since our bill amount is inclusive of all taxes then why they are deducting VAT TDS on VAT portion.
According to us the breakup of Rs. 9,00,000.00 shall be Rs. 8,32,408.00 (Cost of work done), Rs. 33,297.00 (VAt @ 4%) and Rs. 34,295.00 (Service Tax @ 4.12%).
Please clarify
S.Altaf Hussain
(General Manager- Finance)
(28 Points)
Replied 15 December 2008
Plese send information about works contract tax
S.Altaf Hussain
(General Manager- Finance)
(28 Points)
Replied 15 December 2008
1.Whether WCT should be deducted on advance payment made to contractor?
2. Is WCT deducted only against running account bills?
CAclubindia
