Works contract valuation rules: define taxable turnover, deduction percentages and prescribed compliance steps for tax reporting. Valuation of works contracts is fixed at the time of transfer of property in goods and excludes charges for labour, services and cost of land (in civil works) where supported by records; specified categories of labour and service charges are listed and a table prescribes percentage presumptive deductions when not ascertainable. For civil contracts, prescribed presumptive percentages apply for land cost and pro rata formulas govern partial transfers; tax is payable by the contractor when property in goods is transferred. Procedural changes prescribe forms, timelines for deposit intimation, refund disbursement options, and other filing timeframes.
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Provisions expressly mentioned in the judgment/order text.
Works contract valuation rules: define taxable turnover, deduction percentages and prescribed compliance steps for tax reporting.
Valuation of works contracts is fixed at the time of transfer of property in goods and excludes charges for labour, services and cost of land (in civil works) where supported by records; specified categories of labour and service charges are listed and a table prescribes percentage presumptive deductions when not ascertainable. For civil contracts, prescribed presumptive percentages apply for land cost and pro rata formulas govern partial transfers; tax is payable by the contractor when property in goods is transferred. Procedural changes prescribe forms, timelines for deposit intimation, refund disbursement options, and other filing timeframes.
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