Interested to Buy Any Domain ? << Click Here >> for more details...
WCT Exemption limit ?? Pl explain on which items WCT is
applicable.
- 5 Answers
- 38682 Views
- DC, TATA, WCT, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / lgovindarao
WCT means works contract tax. This is tax collected by
state sales tax autorites. whenever there is mix of
materials and labour involved in a contract. Then we should
pay certain amout of tax on material poration.
| Is This Answer Correct ? | 67 Yes | 12 No |
Answer / atul nema
WCT means Works Contracts Tax and it has the same limit as
prescribed under VAT for Sale of Goods i,e; Rs.5 lacs.
Look, WCT as a whole is not taxable in the eyes of any law.
VAT can only be imposed on the transfer of Propoerty in
execution of works contracts. and dealer can get deduction
of labour utilised in executionof works contrats.
| Is This Answer Correct ? | 21 Yes | 3 No |
Answer / sonu kumar
Work contract tax is the type of Value added tax. WCT is applicable where contract is taken under BOQ and Some material is Used under it. its exemption limit is of 5 Lakh.
in this section calculating vat is as under:
Contracted Revenue ---------
Less- 1. Store Consumable Used
2. Labour Charges (Sub contractor)
3.Labour Welfare expenses
4. wages of Labour
5. profit proportion to the labour
6. Mess Expenses
7. Medical expenses
after deducting these expenses we gets taxable value on which we have to pay sales tax.
and after that we divide taxable revenue in proportion to construction material used i.e. 5% and 13.5%.
and after that multiply propersonate contracted revenue to the tax rate and got tax liability.
| Is This Answer Correct ? | 12 Yes | 4 No |
Answer / jayant m basutkar
Please explain whether WCT on manufacture of Uniform made
from Cotton Fabrics is applicable or not?
| Is This Answer Correct ? | 9 Yes | 6 No |
How should the personal assets of a salaried employee be shown in his books of accounts ?
I am trader & my office in Delhi & I have any Material purchase from Puna & I want directly dispatch material from Puna to Ludhina which my customer. So what can I do this transaction ? & what will the tax pay.
What is the meaning of Excise duty?Wat are the rules?
80DD Dediction
Dear Sir, i am doing excise part, now I have a dout Please clarify any one. my question is I submitted July month return in before 10th August. But we sold material in july to x party excise value 12% - 1000, 2% - 20 and 1% - 10 Rupees respectively, we paid this amount in the same month it's no problem sir. but now x party reject the material and invoice in september month. may i adjuste above paid amount in september month return? How can i adjuste and where can i metione this details in Excise return? please give answer it's help full for me. Advance thanks for every one reply.
What do you mean by an Inter-state Sale. How does it taken Place in a state????
14 Answers ICAI, Jai Ambe Enterprises, Mayur Paints, Subtleweigh Electric,
Suppose there is a computer Inst. providing a course abc and the total fees for it is Rs.10000 per annum, now this institute gives the right to another institute to provide facility of that course on behalf of it and the fees amt. is bifercated to Regd. fees Rs. 2500, Exam fees Rs.500 and tution fees Rs.7000,now the former institute gives right to later ins. to take Rs.7000 and says that the amt. of regd. fees and Exam fees i.e Rs. 3000 must be given to it plus service tax, now we have to save the former ins. from paying service tax on Amt. 3000, how can we do this?
is a pvt ltd. comp. can give advance against salary to his director.
0 Answers AXA Business Services,
what is the Difference between Compound Sales and Deemed Sales?
How to prepare a vat return in Gujarat for firm
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.
A Service provided has provided bill amounting rs. 100000 dt. 30/04/2013 & i have paid amount with 30000 Rs. as on 24/5/2013, & 20000 paid on 7/6/2013 & rest of the amount has been paid as on 15/6/2013 then on which amount TDS has been deducted. may it deducted on Bill amount or payment amount? If bill amount then at which date TDS entry should be done ? & if on Payment date then which date. and if i want to compute interest for late payment of TDS then Which date should be consider for interest payment computation. Do the needful for the same.
Audit 
