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Categories  >>  Accounting  >>  Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions
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 Taxation interview questions  Taxation Interview Questions
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions
Question
what is wct? what is it applied ?
 Question Submitted By :: Guvramna
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is wct? what is it applied ?
Answer
# 1
WCT means Works Contact Act
WCT is applied in case of any vendor suppling material or
labour on behalf of contractor on that time WCT will
deductable
 
Is This Answer Correct ?    19 Yes 5 No
Nichit Pandurang
 
  Re: what is wct? what is it applied ?
Answer
# 2
WCT depends upon state by state. its a flat rate at which no
input credit on any material purchased is given to you
(since on VAT credit of Input can be claimed and net amt is
deposited to govt). you have to pay a flat rate of 2 % on
turnover(ie, contract amount) to government or ur contractee
will deduct WCT while making payment to u. you (the
contractor) can claim WCT as ur direct expense.
 
Is This Answer Correct ?    8 Yes 7 No
Sagar
 
 
 

 
 
 
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what are the tax exempted allowances?  1
Central Railway i.e. Central Govt. takes material through works Contract in Maharashtra State.The contractor purchases material from other states say M.P. or U.P. state. Due to inter state purchase of material the contractor is asking for C form. Whether Central Railway is eligible to get C form? Whether we will able to get C Form from Sales Tax Dept. so as to hand over to contractor ?  1
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What diffrance between TDS & TCS.  2
PERSON RECEIVED THE GIFT THIS PERSON IS TAXABLE OR NOT. IF IT IS TAXABLE THEN WHICH LAW (ACT)IS APLICABLE AND UNDER SECTION.....  1
What is the Difference between VAT and Sales Tax ?  2
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