(1)Every contractor or / promoter / developer or by whatsoever name called who undertakes construction or development of flats or apartments or villas shall file a declaration in Form No. 49 along with returns containing the details of ongoing projects, transfer of apartments/flats/villas made and the works contract tax paid under the Act etc. in respect of every purchaser/ intending purchaser.(2)Where such contractors are holding flats or apartments or villas the contract of which was undertaken prior to1st April, 2007 but pending to be transferred as on the 1st April, 2007 and a portion of or full tax for its construction under the Act has already been paid by them, such contractors shall have to file the declaration in Form No 49 on an annual basis relating to the years in which such payment of tax have been made.
