if we are purchase on vat tax and sales tax can do tds?
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Answer / h.r. sreepada bhagi
Be clear when u ask a question. Let me explain all these
terms :-
Sales Tax - Tax charged on the sale of goods at the rates
prescribed in the Sales tax applicable in a country or
state. It's shown in the Sales Invoice and shall be remitted
by the seller to the government.
VAT (it's not vat tax) :- Value Added Tax is a method of
taxation used in most countries of the world in place of
Sales Tax. VAT is also shown in the Sales Invoice. Under VAT
the seller can adjust the VAT charged by the suppliers on
the purchases made by him while making payment of VAT
charged in his sales invoices. Under VAT the tax is charged
effectively on the value addition by each dealer
(manufacturer or trader)
TDS - It refers to deduction of Tax at Source by the payer
while accounting the amount payable to a vendor or service
provider or at the time of payment as per the applicable law
in the country. In India TDS is more synonymous with
deduction of Income Tax at Source.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / adi
as per income tax act tds is applicable onthe vendors and
contracoters who have charges service tax but in sale tax
matter you cannt take into consideration as tds
| Is This Answer Correct ? | 0 Yes | 0 No |
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