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Categories >> Accounting >> Taxation


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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  
# 1
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
# 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
# 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
# 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
how can i(accoutant) file tds,vat,service tax,salestax,business it returns? GMG 2
is it necessary to use form 38 in U.P. for out of state purchase at @5% CST   1
Dear friends please let me know, what % of amount has deduct from vendors bill for civil supply and instollation work   3
I'm collecting TDS Certificate from one of our Customer for Ass. Year 2002-03 today and request IT Dept. to allow this as part of rebate to me, will they allow?? What IT Act says on this. Voltas 3
what is the difference between real expense and operating expense?   1
We have received Bills of Aug-2008 for contract charges. I have passed the bills in Dec-2008. So, we will pay intrest on tds or not?   1
what indirect tax and in that whats include   2
what is the meaning of provision for taxation Genpact 2
what is meaning of education cess?and y is it levied?   7
We are purchasing machinery from Mumbai supplier. Deliverable in Jamnagar & invoice is on our name (Maharashtra). Can we issue 'C' form?   4
Form No.27A, I think it is a TDS oriented Form. But for what purpose and why this Form is use?   3
For more Taxation Interview Questions Click Here 

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