What is the WCT? Why deduct the WCT the client.?
- 3 Answers
- 6505 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 |
Physician samples should be charged under CST @ 5% manufactured in H.P. and transferred to other states
what is the income tax-meaning,rates for 2008-09,procedure,when income tax is filling,form of all income tax heads,complete information about income tax?
Ina earth work excavation and filling work , wct is applicable?
when charges PURCHASE @ 1 % TAX RATE ?
What is the service tax rate for individual contractors and firm contractors.
Please advise can somebody deducted TDS on Dollar Bill. If yes then why....
what is tax asesssement.
2 Answers Genpact, Rising Agriland,
What is the difference between a TDS and an income tax?
How to calculate pf, esi, vat, sales tax etc.,
61 Answers Aparna Enterprises, Cap Gemini, Genpact, Gurcharan International, HCL, Pushp Steel, Shriram, TCS,
if cst sales and purchase is completed and we issue c form and received c form also.but in next month both sales and purchase are return. my question is how to pass reverse entry when c forms issue/receive. how it cst return also.
NOW I WANT TO FILE THE INCOME TAX RETURNS. I AM A SALARIED PERSON WITH NO OTHER INCOME. SHOULD I USE SARAL 2( ITR-1) FORM ASSESSMENT YEAR 2010-11
WHAT IS THE PROVISION OF TDS RECEIVABLE AT THE TIME OF YEAR ENDING GIVE THE EXAMPLE WITH ENTERY ON MY E.MAIL sonidilip87@yahoo.com
Audit 
