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Tell me the meaning of VAT (TDS) When it will be applicable?
& rate of VAT TDS
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Answer Posted / 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.
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