Answer / mari muthu

WCT means Work Contrac Tax. This Tax same of Tds

Answer / amulya pandit

WCT is applicable where job work is out-sourced. For example, a car part is made by party "X" and he sends it to party "Y" for machinig. While the product comes back, WTC becomes applicable. "X" being the registered dealer, is required to deduct WTC from the Invoice of "Y" and deposit it with the VAT authorities. IT is NOT TDS, which is applicable under Income TAX .

Answer / shyam

I agree with Mr.Amulya Pandit except with the last line.
Normally WCT under VAT law applicable if it is a mixed contract which includes material + labour element in it. In such case if it exceeds the limit (normally 1 lakhs), the payer suppose to deduct 1 / 2 % (section 13 of VAT act) and deposit to state govt same like our INCOME Tax TDS, but here we re remitting to state govt. The same way we need to provide certificate of deduction also. He can adjust the same with his vat liability. WCT (Section 13 of Vat act) + TDS Under Chapter 17B of Income Tax Act + WHT under section 195 of Income Tax Act all are TDS only (We are deducting Tax liability only)

What happens if I return material purchased in March to the buyer in August next year? Do I get full refund of the value including tax?

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What are the types of provident funds?

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I AM INTO AN EXPORT COMPANY MANUFACTURING GARMENTS. I AM PURCHASING AN INTERSTSTE ITEM AND PROVIDED FORM H NOT C. COULD I BE ABLE TO GET ANY EXEMPTION FROM TAXATION AND WHEATHER I HAVE TO CLOSE MY SALES TAX ACCOUNT FOR PROVIDING FORM H, AND IF AGAIN I COULD BE GET ANY EXEMPTION FROM FORM C ISSUING FOR THE SAME COMMODITY AND SAME SUPPLIER.

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Dear All, My query is related to capital gain on house property. If a pair of husband and wife have four houses in joint name comprising three residential house and last one is commercial property. Now question is that if they sold all property for Rs. 1.00 Crore and took a new residential property for Rs. 1.25 Crore. So are they eligible to full tax exemption u/s 54 and 54 f and they had to not pay any amount of Income tax? And they have also taken a Rs. 25.00 Lacs housing loan to invest the last one. So are they can take deduction u/s 24B and 80C as well? Please note that they have all property in joint name and share is 50% of each. Please guide me for this.

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what is the different between CST , VAT, and Excise Duty ?

3 Answers   Dabur,

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if our provision of taxation of particular year 23000/- and on that year we paid advance tax 20000/-then how we adjust this both amount.......

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Suppose that a sub-contractor total work done for Rs.100 & he charged 10.3% service tax.Then total gross value will RS.110.30.On what amt you will (that means on total work done or total gross value)charged Retention@10%,WCT@3% & TDS@2%.

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when i send goods out side the state against c form from gujarat to bombay which forms will have to required, where i get it & what process of to get it , please give me the answer on my e.mail sonidilip87@yahoo.com

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if firm sales tax paid , under which ledger and subledger it would be posted? give brief information

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Sir, An Awarder make part payment to the Contractor after deducting retention money @5%. The retention money will be paid to the contractor when the contract work is fully completed. Here my question is,when the Awarder has to deduct tax on retention money, at the time of deducting the retention money or at the time of payment of retention money when the contract is completed? Here "Tax" means Income Tax, VAT, Service Tax etc. Please reply Thanking You

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on which amount have to issued form C ?, when cash discount is also given in the bill after CST amount as, Sales valve+CST - cash discount.

2 Answers   ABC Bearings,

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why is service tax recievable shown as dr balance under liability in b/s

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