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What is WCT? On Which it is calculated?
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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 |
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