Tell me the meaning of VAT (TDS) When it will be applicable?
& rate of VAT TDS
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Answer / atul nema
Hello,
VAT-TDS applies in the case of works Contact and other
contact: Contactee shall be the eligible person for VAT TDS
deductor and he shall deduct TDS at the rate prescribed in
the State Statue.
IF it is a labour contact no TDS/lower TDS would be
deducted by the contactee depending upon the stete atatue.
| Is This Answer Correct ? | 49 Yes | 8 No |
Answer / madhan mohan
VAT TDS is applicable inthe case of works contract.The rate of VATTDS is as specified in the State Act(tamilnadu-2%). The Contractee is obliged to make the TDS 0n Invoice Amount and he has to deposit the same with the tax authorities online within 15 days from the end of the month in which it was deducted.The Contractor cannot claim the benefit of TDS made by Contractee unless the same was deposited with the appropriate Authorities and need to obtain the TDS certificate from the Contractee along with the challan of such Deposit with his Return.
| Is This Answer Correct ? | 26 Yes | 1 No |
Answer / mohit bansal
VAT TDS refers to tax deducted by the contractee on payment made to contractor against the works contract made b/ w contractee & contractor
work contract refers to contract of work done from contractor
When the contractee makes the payment to contractor ,he deduct the TDS at prescribed % by respective state Vat Deptt. & submit to vat Deptt, after that issue deduction certificate to contractor& file the return of same to Deptt. for eg.- In Delhi if Delhi Transport corporation (DTC)enters into contract with xyz co.to get the work done then at the time of making the payment DTC deduct TDS @4%or 6%(Rates under Dvat)& submit the same to Deptt.of Trade & Taxes Delhi & issue certificate in Dvat -43 to xyz co. which is the proof that DTC has deducted Vat TDS OF xyz co.,also DTC has to file the return in Dvat- 48 quarterly.
| Is This Answer Correct ? | 4 Yes | 3 No |
Answer / dhiraj singh
VAT - Value Added Tax.
VAT is charged on Intra State Sale or Purchase. When we sale
or purchase within a state, then VAT is charged.
The rate of VAT are:-
1% - Gold, Jewelery etc.
5% - Normal Goods.
12.5% - Petrol, Lubricants etc.
20% - Alcoholic Products.
| Is This Answer Correct ? | 31 Yes | 33 No |
Answer / shubam shukla
TDS -- tax deducted at source is One of the modes of collection income tax the payer deducts tax from payment mode to the seller paybee the deductor then remite this tax to the income tax department with in the stipulated time
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / anchit saxena
VAT- value added tax is a system of indirect taxation. it is
the tax paid by the producers, retailers or any other dealer
who add value to the goods and that is ultimately passed on
to the consumer.
TDS- tax collection at source is one of the mode of
collection of income tax. while certain kinds of payment the
payer deducts income tax from the payee and deposit with
income tax authority.
| Is This Answer Correct ? | 5 Yes | 24 No |
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