Amendment status not verified — confirm the current text below against the official source.
Substituted by Act No.12 of 2012. 24 [Act No.5 of 2005] himself or though sub-contractor subject to such conditions as may be prescribed: Provided that the sub-contractor, executing works contract on behalf of the contractor, who opts to pay tax under this clause, shall be exempted from levy of tax.] 25[(c) [XXX]] 26[(d) Every dealer engaged in construction and selling of residential apartments, houses, buildings or commercial complexes may, in lieu of the amount of tax payable by him under clause (a) opt to pay tax by way of composition 27[at the rate of five percent (5%)] on twenty five percent (25%) of the amount, received or receivable towards the composite value of both the land and building or the market value fixed therefor for the purpose of stamp duty, whichever is higher, subject to such conditions as may be prescribed: Provided that, no tax shall be payable by the sub- contractor of a works contractor, who opts to pay and paid tax under this clause on the turnover relating to the amount received as a sub-contractor from such main contractor towards the execution of works contract, whether wholly or partly, subject to the production of evidence to prove that such main contractor has exercised such option in respect of the specific work and subject to such other conditions as may be prescribed.] 28[(e) [XXX]]