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1. Sale of Goods. 1. Transfer of property & ownership 2. Intension to buy 3. Goods are the essence of contract 4. Property passes under the contract
1.
Transfer of property in goods involved in execution of works contracts. 2. No intension of purchase of goods. 3. Agreement for one kind of property but transfer of another 4. Property passes on theory of accretion or accession
Intension of the parties & object of the transaction play a major role in determining whether it is a work contracts or sale.
MEANING OF CONSTRUCTION
In exercise of the powers conferred by clause (i) of the Explanation to subsection (3) of section 42 of the Maharashtra Value Added Tax Act, 2002 [Mah. IX of 2005], the Government of Maharashtra hereby notifies the following works contracts to be the Construction Contracts for the purposes of the said sub-section, namely (w.e.f.20-06-2006) :
MEANING OF CONSTRUCTION
Contracts for construction of - Buildings, Roads, Runways, Bridges, Railway ,Over bridges, Dams, Tunnels, Canals, Barrages, Diversions, Rail tracks, Causeways, Subways, Spillways, Water supply schemes, Sewerage works, Drainage, Swimming pools, Water Purification plants and Jetties.
RATES OF TDS
If the Contractor is registered Dealer under MVAT Act 02.00 %
RATES OF TDS
If the Contractor is not a registered dealer 05.00 % [ With effect from May 01, 2012 ]
The interest charged by the department is 01.25% on Tax amount for month or the part of the month. Hence, Interest = 01.25* Tax amount * Delay period in month
Certificate in form no 402 are to issued to the contractor whose WC TDS is being made.
Now, this return in Form 424 will help to overcome all these questions.
FORM 424
Even if one does not have the Registration number under the act and still deducts the tax from the payment of contractor, he should file the return in Form 424. The due date for filing Form 424 for Financial Year is June 30, 2013 and hence we have prepared a video for how to file the return ??
FORM 424
Lets see the video.
THANK YOU