Dear all,
Please let me know the steps to create new tax code for WCT(Work Contract Tax) as per given conditions .
Description: WCT @4% + Service Tax @10.3% on 33% of Basic Value.
Basic Amount : Rs. 10,00,000
Add : WCT @4% on Basic Amount (Deductible) : Rs. 40,000
Add: Service Tax @10.3% On 33% of Basic Amount : Rs. 33,990
Total Order Value with taxes : Rs. 10,73,990
TDS deducted @2% of Total Order Value(Deductible) : Rs. 21,479.8
( Please note: WCT @4% to be deducted : Rs.40,000.00
TDS deducted @2% on Total Order Value : Rs.21,479.80 )
Thanks & Regards,
Ashutosh