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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 (1899)
 Accounting General interview questions  Accounting General Interview Questions (2810)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4362)
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 ?    18 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 11 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 ?    3 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
 
My client was sold his residencial flat before few days they will not decide investment in another residential flat what can he invest the money without any tax liability? Can he open capital gain account and will he invest in resident plot in future ? what will exact planning?   2
what is the difference between FBT and Income Tax.both are interrelated with each other or not?if not then why   1
what is the procedure for tds? IBM 1
mention the list of services tax applicable   1
When Selling a goods to a party Excise Duty chargable on VAT or not.   8
what is the defference between CST with C form and CST With out C form?   2
TAX should Be deducted on Water Supply Contract ?Why ?   5
sir we did not pay tds in due date what is the rate of interest after due date how much percentage we have to pay interest   2
My estimated income for the financial Year 2009-10 will be 485000/- please make a tax plan to escape legally from paying taxes   1
is it necessary to make payment to party in the same assessment year after deducting tds   2
A company given a party in order promote the company to its customer in a hotel then hotel provide some food & services to the customers of the company. should TDS deducted on payment made to hotel's bill? if payment is near about 35000/-. Goldman-Sachs 2
WE ARE A DEALER SUPPLIED GOODS IN 6 (2) TRANSACTION E-1 SALES TO MANUFACTURING CO. BUT MANUFACTURING CO. ASK TO US E-II FORM IT'S CORRECT OR WRONG?   1
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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