if we are purchase on vat tax and sales tax can do tds?

Question Posted / palani

4 Answers
6900 Views
I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

if we are purchase on vat tax and sales tax can do tds?..

Answer / rohit bist

Is This Answer Correct ?

3 Yes

0 No

if we are purchase on vat tax and sales tax can do tds?..

Answer / h.r. sreepada bhagi

Be clear when u ask a question. Let me explain all these
terms :-

Sales Tax - Tax charged on the sale of goods at the rates
prescribed in the Sales tax applicable in a country or
state. It's shown in the Sales Invoice and shall be remitted
by the seller to the government.
VAT (it's not vat tax) :- Value Added Tax is a method of
taxation used in most countries of the world in place of
Sales Tax. VAT is also shown in the Sales Invoice. Under VAT
the seller can adjust the VAT charged by the suppliers on
the purchases made by him while making payment of VAT
charged in his sales invoices. Under VAT the tax is charged
effectively on the value addition by each dealer
(manufacturer or trader)
TDS - It refers to deduction of Tax at Source by the payer
while accounting the amount payable to a vendor or service
provider or at the time of payment as per the applicable law
in the country. In India TDS is more synonymous with
deduction of Income Tax at Source.

Is This Answer Correct ?

4 Yes

1 No

if we are purchase on vat tax and sales tax can do tds?..

Answer / kanumuri

what is the meaning of this question.
I can't understand what this guy want to ask.
Please reply for my view Mr.Palani, Mr Rohit Bist and the
guy who has rated the answer as correct.

Is This Answer Correct ?

2 Yes

0 No

if we are purchase on vat tax and sales tax can do tds?..

Answer / adi

as per income tax act tds is applicable onthe vendors and
contracoters who have charges service tax but in sale tax
matter you cannt take into consideration as tds

Is This Answer Correct ?

0 Yes

0 No

Post New Answer

More Accounting General Interview Questions

what is the journal entry can be passed for an opening balance (bank, fixed asset, provisions)to the new software

0 Answers

Tax Invoice: Client had settled Rs. 5,25,000/- {after deducting TDS @ 10% from base/gross amount and then added (+) Service Tax Amount (15%)} which equals to Rs. 525000/- (Settled Amount by Client). Please let me know what will be gross amount and total invoice amount including Service Tax????

0 Answers

Define and distinguish between flexible and floating exchange rate system. What kind of exchange rate system does china have?

0 Answers IBM, Wipro,

usualy what they are expecting source of knowledge while in interview

2 Answers MAHINDRA,

WHAT IS SAP????

1 Answers

what is BRS

3 Answers

1- Can ledger make without journal?

1 Answers

what are cost accounting and its applications?