Interested to Buy Any Domain ? << Click Here >> for more details...
if we are purchase on vat tax and sales tax can do tds?
- 4 Answers
- 6902 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
saji become insolvant -what is journal entry
What is accrual accounting?
please tell me when co. owner invest money in his family members bank a/c. not any transaction came in business can we do this bank statement in tally ?
What is the use of accounting?
What is meant by calendar maintenance?
How to prepare finalization accounts?
when we can submit Form-C to the Sales Tax Dept. What is the period to issue Form-C to the supplier
A company purchase goods Rs.2000/- & input vat received rs.100/- but at the time he sold goods 1000/- as a sales & 1000/- as a sock transfer. plz tell me how much take input claim in this case.
Other accounting interview questions to expect when you interview for an accountancy job include:
what are the limitations of accounting conventions
what are voucher entries for EPF treatment in tally
Entry for revenue item will be Expenses A/C Dr to Cash. But in the Profit and Loss account we will see the expenses with a pre fix of To Expenses Why?
Please explain the difference between provision and reserve?
At the time of advance tds deducted 2% contract which was wrong but when we adjusting the adavace tds deducting 10% rent how can we adjusting that amount
1.WHAT IS BRS? 2.WHY DO WE PREPARE BALANCE SHEET? 3.WHAT IS TRIAL BALANCE? 4.WHAT IS VENTURE CAPITAL? 5. WHAT IS DEFFERED REVENUE EXPENDITURE?
