Interested to Buy Any Domain ? << Click Here >> for more details...
What is WCT? On Which it is calculated?
- 21 Answers
- 219262 Views
- Inabensa, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / anjali
WCT means Works Contract Tax. It is calcullated on the
contract work of the companies.
| Is This Answer Correct ? | 649 Yes | 79 No |
Answer / ravi hasija
WCT means Work contract Tax, it means when a company gives
the contract to another company to be workdone with labour
and another company worked. then the main company duduct
the wct 4% or 2%(if they have approvel from govt.).
and first company deposit that deducted amount in bank as
challan, after this retuned in sales tax department.
and issue the wct certificate to the contractor by
contractee...
(It is like a TDS formate but not TDS)
| Is This Answer Correct ? | 321 Yes | 33 No |
Answer / sumit
i want know that,what is the actual meaning of work
contract tax? and also what is rate of tax?
| Is This Answer Correct ? | 177 Yes | 53 No |
Answer / atul nema
WCT means Works Contract Tax. When property of goods
transferred in execution of works contract with the help of
labour and service components, it falls under the catagory
of WCT.
Like Builing construction, Road, Dam, Power Station,
manufecturing of shirts and so on.
As u know government has intention/power to levy tax on
Sale of goods only. and In order to comply this
constitutional requirement what ever labour/service portion
invovled in contact shall be deducted to arrive at the
taxable turnover of WCT.
As no stete clearly narrated the methology of determination
of taxable turnover but with the help of various legal
pronouncements Determination of taxable turnover under WCT
becomes easy.
WCT is calculated only on the material involved in the
contract.
Without going into deep in the matter following dedctions
are as follws:
1. Labour charges, Services charges
2. Machine hire charges being utilised in execution of WCT
3. Consumables Cost
4. Amount paid to sub-contactors
5. labour establishments charges with profit elements in
labour and service element
Basically Taxable value
| Is This Answer Correct ? | 110 Yes | 17 No |
Answer / sonu
WCT IS APPLICABLE WHERE THE PURCHASE OF MATERIAL & LABOUR
BOTH ARE IN THE PARTY BILL. AND THE PARTY IS ALSO FORM SAME
STATE LIKE IF YOUR FIRM IN DELHI AND PURCHASE OF MATERIAL &
LOBOUR CHARGES ARE SAME FORM DELHI SO YOU CAN DEDUCTED WCT @
2% ON DELHI.
EVERY STATE RATE OF WCT IS DIFFRENT.
| Is This Answer Correct ? | 99 Yes | 23 No |
Answer / manish kandpal
WCT IS CHARGED WHEN THE CONTRACTOR USE ITS MATERIAL WITH
LABOUR SERVICES TO EXCUTE THE CONTRACT AND WCT IS
CALCULATED ON TOTAL GROSS VALUE OF CONTRACT.
| Is This Answer Correct ? | 76 Yes | 15 No |
Answer / sai
WCT work contract Tax which is charge by contractor when the contractor use their own material along with labour charges. at that time the contractor libale for WCT
| Is This Answer Correct ? | 51 Yes | 10 No |
Answer / n r kumar
WORK CONTRACT TAX IS CORRECT ANSWER AND THIS INFORMATION IS
AVAILABLE COMPANY WHEN THE COMPANY HAVING CONTRACTORS TO
COMPLETE THEIR WORK>
THIS WCT NO.IS ISSUED BY CONTRACTEE...........
| Is This Answer Correct ? | 38 Yes | 12 No |
what is the difference between tds tax code and tds tax type in sap fi
What is the service tax rate for individual contractors and firm contractors.
How can I calculate Depriciation on Fixed AND CURRENT ASSESTS ?
Assume in a company during the financial year 8 computers has been sold for Rs 68000/- . whether TDS on Income should be deducted from the payment or what?
what is AMC charges for the year and how to calculate end of the year i.e dec or march
What is cst if there is C from customer, Sale is from AP TO MP, Product is cooling machine.
What is the difference between profit and gain?
i received commission with deduction of tds how to take entry in my books. commission Rs.90000 Tds.10000
My question is that if only 20% amount of lic is elgible in one financial year for tax exemption, than one time instalment in lic is elgible for tax exemption ?. for suppose i invest 25000 Rs. only one time in lic.pls. tell me it is elgible or not.
can we issue c form on purchase of mould and die
If X is an Professional Employee of ABC Ltd. and earning Rs.30000 pm (TDS u/s 194J is applicable) for Taxation purpose. Car loan has been taken on his income and Car has been registered on her wife's (spouse) name. EMI going through "X"'s (an employee)Bank account. Can he show the Interest on Car Loan in his IT returns???
If we use google licence in our office for one year.Google raised invoice annualy. so that on which section tds will be deducted.
Audit 
