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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (159)
 Taxation interview questions  Taxation Interview Questions (1917)
 Accounting General interview questions  Accounting General Interview Questions (2844)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
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 ?    5 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
 
is TDS applicable on Sodexo coupons?   1
PLEASE ANY BODY TELL WHT IS PRESENT RATES OF TDS AND HOW MANY TAXES ARE THERE PLEASE SEND ME THE ANSWER TO MY EMAIL ADRESS I WAITING FOR UR ANSERS   7
Net Worth is: 1)total Assets less outside laibilities 2)Total liabilities plus owners equity fund 3)Current Assets less current liabilities 4)Total accumalted profit less liabilities   1
How is calculated WCT interest amount of Tamil Nadu?   1
Give details about TDS and its applicapable rates of latest year. CA 1
How does submission of C form affect VAT ?? please give detailed example with explanation   2
Whether Tax will be deducted by Deductee as a Society for Construction Contact Rs 3000000 to a Company   1
If fail to deposit tds within or on 7th of next month then what will be the Interest charge?   4
can anybody provide list of balance Sheet & P & L Account? Impulse 5
Anybody tell me What is Credit Availed, Credit Utilized & Credit Balance In service tax.   1
why form 31 used at the time of sale and purchas   1
HOW I PAID THE C FORM FEE , WHICH CHALLAN FOR THE PAYMENT & WHERE THE PAID IT HOW GET THE CHALLAN & HOW FILL IT, PLEASE GIVE ME THE RIGHT ANSWER ON MY E.MAIL sonidilip87@yahoo.com   1
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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