Interested to Buy Any Domain ? << Click Here >> for more details...
What is the WCT? Why deduct the WCT the client.?
- 3 Answers
- 8058 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / mari muthu
WCT means Work Contrac Tax. This Tax same of Tds
| Is This Answer Correct ? | 4 Yes | 1 No |
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 .
| Is This Answer Correct ? | 1 Yes | 0 No |
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)
| Is This Answer Correct ? | 0 Yes | 0 No |
709,001 690,388 940,645 46,435 16,651 8,316 755,436 707,039 948,961 3.17% 2.98% 2.53% 3.66% 1.31% 0.66% solve it
What do you understand by dissolution of firm?
What is TCS? On Which it is Computed.
how much tax would be deducted and interest can be gained on 15 lakhs by senior citizen?
can anyone tell me rates of TDS for payment of contract, consultancy, advertizing, statioenry, salary, professional charges, technical fees, & honorarium for the financial year 2008-09
What is the procedure for Sales Tax Filing? which can come under this head. whn we file it? wat r all the materials to be submitted? For eg: i hav a company named 'A'in chennai. my branch 'b' is in Bangalore. the sales made in bangalore can be (come for sales Tax Filing)filed in chennai? and also the purchase from bangalore can be(Sales tax filing) filied in chennai?
4 Answers ABC, Agon, Marketing Sales, Mindlogicx,
How we will learn Sales Tax, VAT quickly?
A Company income 150000, and an indivisoul which income 150000 who pay more tax ?
Wether TDS is deducted if its jobwork and VAT is charged on that
How much is the tax & surcharge % against d-1 form. on cement,steel,electrical item,RMC,
We don't have PT, s.tax registration. Our firm is 7 years old. If we want to register, what should we do? Any body can help.
What will be journal entry for TDS deducated from an freight payment of RS. 15000.00 , applicable TDS rate is 2.266%
Audit 
