Answer Posted / gravi

THIS ANSWER WAS TAKEN FROM TAX 4 INDIA.COM

ANSWER:
A works contract is an agreement, which is entered into for
the following purposes:

For carrying out construction, fitting out, improvement or
repair of any building, road, bridge or other immovable or
movable property.
For cash, or for deferred payment, or for other valuable
consideration.
In other words, whenever there is a contract, by which one
person promises to make something which, when made, will
not be his absolute property, and by which, the other
person promises to pay for the work done, will be
considered to be a contract for work. This will be the case
even if the payment maybe called a price for the thing and
if the materials, of which the thing is made, may be
supplied by the maker.
Though the Central Sales Tax Act still has no definition
for a contract or works contract, the definition of sale
includes a transfer of property in goods, involved in the
execution of a works contract.

In order to prevent evasion of tax by the transfer of
property through a works contract, the Indian Constitution
was amended to make such transactions taxable. Works
contracts are taxable under most State sales tax laws (but
not under the Central Sales Tax Act). However, it is only
taxable to the extent of the value of the goods that have
been transferred. This means that the full value of the
Works Contract is not taken into account while calculating
tax that is payable under the state sales tax laws

how to finalaze the balence process using tally

2660

---

Dear All, We are a trader and doing one E-1 sales. Supplier send the material by To-pay basis, we endorse the LR and sold to Customer. Customer has given the purchase order for Basic amount and freight amount also. That means we have to pay the freight and getting the reimbursement from customer. In E-1 sales Invoice can we show the freight amount separtely as freight ? Since the customer need the freight head should be shown separetly. Or can we raise the separate debit note for this. Is it create any tax implifications in E-1? Please claify the same at the earliest. regards Regards Thananjeyan.P

2673

---

Is there any change in the section 80DD for the financial year 2009-10

2626

---

What do u mean by sales tax and who are sales tax practitioner ?

2389

---

In wct limit is Rs.5lac if vendor provide bill below 5lac wct will applicable or it aggregate I need deduction of wct 5lac slap

1824

---

if a person is investing rs.100 per month for 11 months of a year,how much ammount of annuity he will be paid at the end of year?

1961

---

If I have bought goods from a seller in India and finally exported it to some other country, my understanding says I have to issue form H to seller to get cst exemption. My question is wether Bill of lading is must to be given to seller or not bcos if I give bill of lading to the seller from whom i haave bought material confidential information will go to seller as bill of lading will have buyers details...pls guide how to overcome this issue.

2053

---

what is cenvet credit in vat.

6328

---

How can done the Accounting of WTC ? OR WTC treat (Take) like Service tax credit?

2628

---

What is Labour Cess? Pl. define. & what is rate of Labour cess.

4666

---

Define previous year.

1117

---

what is cenvat credit? plz tell service tax interest rate and watz it procedure...

2424

---

IF WE ARE WORKING IN PHARMA COMPANY & I SEND THE MEDICINE SAMPLE TO THE SALSMAN IN VARIOUS PLASE OF INDIA THAT TIME MADE INVOICE OR ANY OTHER CHALLN OR RECIEPT WHAT AS PER LAW ANY TAX APPLIED IN THE INVOICE & WHICH FORM WILL BE REQUIRED HOW TO GET IT, PLEASE GIVE ME DETAIL ALL INFORMATION WITH EXAMPLE & WHAT ENTEY OF THIS TRANSATION IN BOOKS OF ACCOUNT

2178

---

Should WCT deduct on Invoice where VAT charged but service tax not charged as service tax is not applicable to concern vendor (vendor gross income under 10Lacs)?

4333

---

what do u meant by investment banking

2395

---