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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1905)
 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
Tell me the meaning of VAT (TDS) When it will be applicable?
& rate of VAT TDS
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
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 ?    20 Yes 2 No
Atul Nema
 
Answer
# 2
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 ?    22 Yes 12 No
Dhiraj Singh
 
 
 
Answer
# 3
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 ?    4 Yes 0 No
Madhan Mohan
 
Answer
# 4
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 ?    2 Yes 8 No
Anchit Saxena
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
What is Differed tax Liability? Mother-Dairy 3
WHETHER WE CAN REIMBURSE SERVICE TAX?   2
Do we deduct TDS while making payment for AMC of UPS / computer of less then Rs.5000/- if yes then @ what rate? Atlantic-BPO 8
When we (Company) deduct surcharge of Contractor (above 10 Lakhs Individual, 1 Crore in case of Company) Pl confirm the meaning of 10 lakhs and 1 Crore. Either it means payment made to the contractor in a year by a company or one & more company (Aggreg. Income). Pl explan in detail. Maruti-Suzuki 6
And If my Income is 300000 p.a., so what tax I have to be deposit,explain with the method of tax calculation in detailed?   5
what is sale entry, purchase entry, credit note , debit note entry? TCS 3
cash transaction in a year up to Rs.20,000/- that rule under sec.40-A. It may be any revised rule updated. Please inform me anybody, and also suppose giving cash/cheque it is possible.   1
What is the VAT rate for Gold at present? How to calculate VAT for gold?   1
Are having 8% CST in any commodity or state.   1
what is meaning the central excise duties Excise-Department 15
exp: bricks 4000*5% =200 is input it can be add GP @ 10%. So it cane be 200*10% = 220 output Then 220-200 = we pay only 20. It is correct or not Regards G.Kamal   1
can we take input credit on interstate purchase, which is not against 'c' form. Party had charged full tax amount (cst 4%)   1
 
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