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Please tell about Work Contract Tax and How much % to be
deducted, Which type of contractors come under this WCT and
what is the procedure after deducting the Tax.
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Answer / manoj
WORK CONTRACT TAX IS ALSO CALLED AS LABOUR CONTRACT TAX IN INCOME TAX WORK CONTRACT TAX IS DEDUCTED UNDER SECTION 194C AT 2% ON 30,000 AND ABOVE VALUE p.a.. ITS IS DEDECTED ANS LABOUR CHARGES
| Is This Answer Correct ? | 3 Yes | 3 No |
I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 - 0 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?
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