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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (427)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1898)
 Accounting General interview questions  Accounting General Interview Questions (2809)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4359)
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
 
what is the difference between banker cheque and cheque? Apex 6
please explain me brifly procedure of monthly tds filling   3
HOW TO FILE TDS/TCS TAX CHALLAN AND WHAT IS THE LAST DATE FOR THIS   2
IF a vendors charges WCT @8.75% what is the rate of TDs to be deducted against that? & can we take the Input of it?   1
How Can i file tds return   1
what r the differences among GRN, TOT, VAT and other regestration numbers. what is the limit to the turnover according to vat act?Pleas clear my doubt. Satyam 1
how can i(accoutant) file tds,vat,service tax,salestax,business it returns? GMG 2
different types of form in which purpose used that is 403,402, c form, d form e1 form, f form, h form, e2 form Reliance 1
What is difference between Gross salay and CTC? TVS 14
tds deduction all categries details Infosys 2
what is the last date for payment of tds for the month of March - for the last three assessment years?   1
Under what circumstances Deferred Tax Liability or Deferred Tax Assets entries to be passed ? or what is the advantage by passing the above entries ? How the above entries to be nullified / reversed ( with examples please )   2
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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