What is WCT contract?
Works contract tax (WCT) is a tax imposed on a contract for work such as assembling, construction, building, altering, manufacturing, processing, fabricating, installation, improvement, repair, or commissioning of any movable or immovable property.
What is the full meaning of WCT?
Tax on Work Contract are called Work Contract Tax (WCT)
What is WCT registration?
WCT (Work Contract Tax) is now solely under jurisdiction of Sales tax authority of the concerned state. WCT is applicable where work/composite supply is being executed i.e. contract consisting of supply & service both. Payer will have to deduct WCT and deposit the same in the local Sales Tax authority.
How is TDS calculated on works contract?
Thus, the rate of TDS from payments made by the government or other specified persons to any contractor will be 2% or 1% of the gross payment or, as the case may be, the net payment, depending on the terms of the contract. The rate is 1.5% or 0.75% for transactions from 14 May 2020 until 31 March 2021.
What does WTC mean in text?
WTC is an abbreviation that is most commonly used to mean “what the crap” in internet slang, according to Cyber Definitions. “What the crap” is used to express incredulity or surprise, and is used interchangeable with other slang terms like WTH (what the heck) or WTF (what the f***.)
Is e way bill required for works contract?
Ans: Yes, Job worker will be liable to issue E-way Bill with respect to the goods sent after completion of his job work. Such goods have to be delivered on the basis of Delivery challan. These cannot be moved merely on the basis of job work invoice as such invoice covered only job work charges not the value of goods.
What is the new TDS rate for contractors?
Is there any TDS on works contract?
According to the Section 194C of the Income Tax Act, any individual making a fee to a residential individual, who carries out ‘work’ as a contract between the ‘specified individual’ and the ‘resident contractor,’ is obliged and required to deduct TDS (Tax Deducted At Source).