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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  
# 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 ?    15 Yes 5 No
# 2
Withholding tax is the tax payable by payee, which is held
by the payer at the time of accounting for invoice or

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 ?    7 Yes 4 No
Srinivas Gullapalli
# 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

Other FI CO Interview Questions
  Question Asked @ Answers
Explain about APP in FICO module ? Satyam 2
where we assign business areas to profit centers   1
What is born in sale? IBM 1
we are using 3 testing tools in live environment what are they and what is the difference between each other Polaris 2
What's the use of Transaction code "YDPR"? In which module?   2
what will be the entry in books of accounts where purchases are made but bill not yet booked.   3
difference between leading and non-leading ledger in sap fico?   2
what is MIGO? where we can use? what is the use of that?.. Infosys 4
What is Standard Hierarchy and How it is related to Profit Center?   3
1. in vendor/creditor A/c should we select balance in local currency as they are reconcilation accounts 2.what is the difference between vendor invoice clearing A/c (f.13) and vendor payment (f-43)   2
What are the journal entries for accounting VAT in SAP IBM 6
how many currencies can be given to a gl account ?   2
For more FI CO Interview Questions Click Here 

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