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Question
Is Withholding tax Equal to VAT. If No what is the 
difference between the two.If equal why they are given a 
different name as such. Plz explain
 Question Submitted By :: FI-CO
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
No! withholding Tax is tax collected from vendor for
renedering of service to the organization if exceds
Rs.20,000 in the year the he is eligable for deducting the
TAX and deposited in the bank with vendor pan number and we
should issue a form 16 A at the year end

where as, VAT is VALUE ADDED TAX is liable when we purchase
of goods and sales the difference tax is to deposit to VAT
office with monthly return in form 100 and yearly in form 240.
 
Is This Answer Correct ?    16 Yes 5 No
Ramulu
 
Answer
# 2
Withholding tax is the tax payable by payee, which is held
by the payer at the time of accounting for invoice or
payment.

In Indian scenario even VAT in some states is a withholding
tax by a nomneclature "Works Contract Tax". This tax by
nature is of state's purview. TDS is Central Purview.

Hence,we should see Withholding tax from the definition
purview not from the legal angle.
 
Is This Answer Correct ?    8 Yes 5 No
Srinivas Gullapalli
 
 
 
Answer
# 3
NO! VAT is under tax on sales or purchases, but
Withholding Taxis pure Income Tax in the guise of TDS
 
Is This Answer Correct ?    8 Yes 8 No
Mina
 

 
 
 
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For more FI CO Interview Questions Click Here 
 
 
 
 
 


   
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