what is mean by wct
Answers were Sorted based on User's Feedback
Answer / abhivirthi tax and industrial
Sale means any transfer of property in goods by one person to another for cash or deferred payment or for any other valuable consideration. One person cannot make a sale to himself and hence there must two persons for the purpose of sale and then only one person can make sale to another person. The selling person must give goods and receive payment by way of cash or deferred payment or any other valuable consideration against the goods. Any other valuable consideration means cash, cheque, promissory note or any other mode of payment equivalent to money. One person sells goods and receives payment and this transaction is called Sale.
In simple for sale there must be two parties one as seller or supplier and another as purchaser or customer and there must be supply and transfer of goods (other than newspaper) by the seller to buyer either by way of sale or resale for valuable consideration i.e. price agreed by parties for the goods sold or purchased. This is called normal sale or direct sale. The State Government has power to impose tax on sale of goods within the state. Under the State Sales Tax Laws, the Sales Tax was applicable only on the sales covered under the sale of goods Act (Normal sale) as shown above.
In works contract there is an agreement between contractor and contractee or client and there is a project development either by construction or repair etc through supply of goods and services and the transfer of goods on the theory of accretion and the price agreed by both parties for the execution of Works contract. The contractor receives money or any valuable consideration in one lump sum or in instalments and delivers the project later after completion and this kind of sale is called Works Contract or Deemed Sale and not normal sale.
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014.
abhivirthi.blogspot.com
Cell: 9994990599
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / shatrudhan sinhg
WCT Mens Work Contractor Tax. which is on Contractor Work.
Is This Answer Correct ? | 0 Yes | 0 No |
A ca charge a bill on his client of rupees 100000 and charge service tax @ 12.36%, party make payment after dedicate tds @10% what enters be made in the books of CA and party.
In the excise bill I have applied basic excise duty only. The excise duty of cess(2%) and Hcess (1%) is not applied. Is this correct???
tds percentage on advertisement add agency
Which form used for registration in GST?
when charges PURCHASE @ 1 % TAX RATE ?
from pan card how can we know nature of payment(tds related)
What is difference between an Insurance and a general Insurance????
Iam 1 truck owner and tds diduct in my trucks bills.How can i refund the tds amount. if any forms to do this.pl tell me.
I am running a small business under labour charges. I purchase raw material paying tax. I do not have a tin no. In that case kindly advise How to file IT returns of my company and whether I can claim tax refund.
I have a plot at Visakhapatnam. I have entered into a contract with a builder which enables him to construct 10 flats on the plot and builder and myself will share 50:50 of the constructed area. i.e. builder will get 5 and i will get 5 flats. Builder is not paying me any other consideration apart from 5 flats. Kindly clarify as to whether any servive tax is applicable and payable by me ?- kgr varma
What is the general entry for TDS certificate received from the debtor of the company?
Form No.27A, I think it is a TDS oriented Form. But for what purpose and why this Form is use?