9911796707
TMI BlogTDS on Work ContractX X X X Extracts X X X X X X X X Extracts X X X X ..... Hi All, We have assigned a work contract to the main contractor who will take care about compleation of the turnkey project. The total project cost bifurcated as "material labour" and "co-ordination fee". In this scenario, what is the cost on which TDS 2% is to be deducted, is it on "material labour" or only on "labour". Aslo what would be the cost on which WCT is to be deducted by us. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hank You - Reply By PRASANTA KHATAI - The Reply = WCT TDS as applicable in the project state to be deducted from the total sales price , i.e.invoice value including material,labour,co-ordination fee etc,. Yours being a turnkey lumsum indivisible contract,WCT shall be applicable on the gross total project value. Incase the whole contract would have been awarded as a split contract , i.e.separ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate contract for supply,labour and co-ordination,WCT would not have been attracted , thus no WCT TDS. Hope,I have adequately clarified , may revert for any further clf. Prasanta Khatai, 9818830315 - Reply By sunil kumar valipireddy kondannagari - The Reply = Thanks for your clarification on WCTDS. But also wanted TDS as per Income Tax Act. We are deducting TDS @ 10% on Co-Ordinatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Fee. But my doubt is whether 2% TDS to be deducted on Labout as well Material or only labour ? - TDS on Work Contract - Query Started By: - sunil kumar valipireddy kondannagari Dated:- 8-2-2012 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
