can u explain the meaning of Work Contract Tax in breif.

Answer Posted / gauri6583

In certain States, (like Maharashtra) Main and Sub
Contractors are treated as single legal Entity. Therefore,
there is no VAT/TDS applicable between the transactions of
the Main and the Sub-Contractor . The VAT Forms are exchanged
between the Main and the Sub Contractors to declare that they
have discharged VAT liability for their portions of the
Contracts. In such cases, the Main Contractor gets the
deduction of the value of the work executed by the Sub
Contractor. The main and the Sub Contractor are jointly and
severally responsible for the compliance under the works
contract provisions of the VAT Act .

Is This Answer Correct ?    3 Yes 4 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

What is cost accountancy?

775


What is debit and credit note?

692


what are the processes of account reconcillation

1578


were you happy with the grades you achieved at a-level?

613


Explain the Invoice verification process

2306






Tell me what is gaap?

618


Tell me the stages of double entry system?

615


Where do we show "Dividend paid in FFS ,either in FFO or in FFS? what is teh concept behind?

1554


Can u please send me a set of accounting base questoin with answer,genraly ask by interviewer?

1631


my company taken a hdfc car loan rs.355493/= but bank received only 347345/= .after received the amount company purchase the car. after that regular emi paid to hdfc bank.

1581


Dear sir, In tally what is list of cost centres? and what is the list of cost categories?

1536


Mention what are things will not be included in a bank reconciliation statement?

674


How can i learn shortly Tally from computer coz, i want to take a company Balance Sheet

1355


what is capital reserve

1566


A COMPANY IS SERVICE PROVIDE TO B CO. 100,000 AND CHARGED STAX 10000 TOTAL BILL RAISED 110000 AND RECIEVED 30% FROM B IN DECEMBER AND 40% RECIEVED IN 10JAN2011, BALANCE 40% RECD IN 10 FEB2011 WHAT WILL BE GENERATED ACCORDING ACCOUNTING PRENCIPLE OF BOTH SIDE (MEAN A &B) WITH REVANUE& PROVISION PLEASE TELL ME

1387