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What is WCT TDS? who is liable to deduct the WCT TDS?
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Answer Posted / vijay
Section 22 (4) : In case of 1[a dealer] executing works contract 2[for
Central Government or a Company] or a statutory body or an undertaking or
1. Subs. for the words “a VAT dealer” by Act No. 10 of 2006, w.e.f. 24-11-2005.
2. Subs. for the words “for a company” by Act No. 23 of 2005, w.e.f. 29-08-2005.
1162 Andhra Pradesh Works Contract
an institution other than Government or local authority irrespective of the
quantum of value of the contract or for any other dealer or a firm where the
value of the contract exceeds Rs. 10,00,000/- (Rupees Ten lakhs only), a tax 1[at
the rate of four percent (4%)] shall be deducted from the amount payable to
him and such contractee deducting tax at source shall remit such amount in
the manner as may be prescribed.
Rule 17 (3)(i) : Where the contractee fails to remit such tax deducted
at source within fifteen days of the date of payment to the contractor, the
authority concerned shall be liable to pay penalty and interest for the delayed
payment.
Rule 18 (1) (b) : The contractee shall complete Form VAT 501A
supplied by the contractor indicating the TIN, the amount of tax
deducted and details of the related contract. The Contractor, VAT dealer shall
send the Form VAT 501A to the authority prescribed together with proof of
payment within fifteen days from the date of each payment made to the
contractor.
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