ALLInterview.com :: Home Page            
 Advertise your Business Here     
Browse  |   Placement Papers  |   Company  |   Code Snippets  |   Certifications  |   Visa Questions
Post Question  |   Post Answer  |   My Panel  |   Search  |   Articles  |   Topics  |   ERRORS new
   Refer this Site  Refer This Site to Your Friends  Site Map  Bookmark this Site  Set it as your HomePage  Contact Us     Login  |  Sign Up                      
Google
   
 
Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1893)
 Accounting General interview questions  Accounting General Interview Questions (2781)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
What is WCT? On Which it is calculated?
 Question Submitted By :: Kcn
I also faced this Question!!     Rank Answer Posted By  
 
  Re: What is WCT? On Which it is calculated?
Answer
# 1
WCT means Works Contract Tax. It is calcullated on the
contract work of the companies.
 
Is This Answer Correct ?    362 Yes 33 No
Anjali
 
  Re: What is WCT? On Which it is calculated?
Answer
# 2
generally w.c.t is caluculated on the contract works
the rate of tax is 4.12%
 
Is This Answer Correct ?    151 Yes 134 No
Ravindra
 
 
 
  Re: What is WCT? On Which it is calculated?
Answer
# 3
i want know that,what is the actual meaning of work
contract tax? and also what is rate of tax?
 
Is This Answer Correct ?    101 Yes 31 No
Sumit
 
  Re: What is WCT? On Which it is calculated?
Answer
# 4
How many Contract amount limit for WCT? 
Is This Answer Correct ?    66 Yes 30 No
Ashish Joshi
 
  Re: What is WCT? On Which it is calculated?
Answer
# 5
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 ?    115 Yes 16 No
Ravi Hasija
 
  Re: What is WCT? On Which it is calculated?
Answer
# 6
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 ?    56 Yes 14 No
Sonu
 
  Re: What is WCT? On Which it is calculated?
Answer
# 7
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 ?    24 Yes 8 No
N R Kumar
 
  Re: What is WCT? On Which it is calculated?
Answer
# 8
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 ?    27 Yes 7 No
Sai
 
  Re: What is WCT? On Which it is calculated?
Answer
# 9
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 ?    51 Yes 11 No
Atul Nema
 
  Re: What is WCT? On Which it is calculated?
Answer
# 10
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 ?    37 Yes 9 No
Manish Kandpal
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
We had received form16A from one corporate company, against they made payment about Rs.49,000/- on 25/06/08, What i Should do this form ?   2
What is the limite of deducted of WCT & how we fill the return in Haryana Vardhman 1
what is FBT & where it is used? Yahoo 5
IF MATERIAL TRFD. TO OTHER STATE BRANCH AS STOCK TRFD. IN FEBRUARY AND MATERIAL IS RECEIVED BY BRANCH IN THE M/O MARCH. THAN SHOULD WE ISUE A SEPARATE F FORM FOR THE M/O FEBRUARY AND MARCH   2
I have the Total amount of 235242. 235242 is included (ST+ED+SED) 10.30%+ Basic of Sales. what is Basic Value???   2
Start a service related company?   2
How you calculate Personal tax, business tax, income tax, service tax? APC 1
we are giving the UPS monthly charges 10000/- should we deduct tds if yes then how we will calculate it   4
hi how much deducted tds on intrest,rent,contract, subcontract, what is the new rat of tds? Maruti-Suzuki 5
What Do U Mean By Tds   1
We have received Bills of Aug-2008 for contract charges. I have passed the bills in Dec-2008. So, we will pay intrest on tds or not?   1
if we mentioned vat 12.5% on bill then we print this bill on retail invoice or vat invoice   2
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
Copyright Policy  |  Terms of Service  |  Articles  |  Site Map  |  RSS Site Map  |  Contact Us
   
Copyright 2013  ALLInterview.com.  All Rights Reserved.

ALLInterview.com   ::  KalAajKal.com