can u explain the meaning of Work Contract Tax in breif.
- 1 Answers
- 3969 Views
- I also Faced
- E-Mail Answers
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
in insolvency we have to prepare deficiency account but why we do not prepare this account as per general principle i.e Dr Cr To By etc , and deficiency account is which account?
What is difference vat
I purchase a material with vat@4% and want to sale it to a bihar cliet.what will be charged as cst.Narrate me as brakewise.It is very urgent to mine.
are tpt, freight & packing charges part of sales & purchase ??
What is BRS Adjustment entry?
What other careers are you considering?
After close Balance Sheet, we find a expense which was wrongly debited in Profit and Loss A/c. How we adjust next accounting period?
What does the financial statement of the company include?
how many types of currencies are there in oracle r12
What are the characteristic features of financial accounting?
on the basis accounting,acounting is divided in to how many classes and what are they?
Define fair value accounting?
Define each Flexfeild qualifiers (natural accounts, balancing acc., secondary tracking, cost center)
Why Company maintain's books of account?
Where should tds received should show in balance sheet?
