what is the diffrence between tds and vat?
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Answer / ashish burnwal
TDS ARE DEDUCTED AT SOURCE BY THE PARTY WHO PAYS THE AMOUNT TO ANOTHER Party i.e.contractors , employee etc.TDS is DIRECT TAX which is collected by CENTRAL GOVT.VAT is-charged by the buyers at the time of sell . TAX is charged only on value addition. VAT is INDIRECT TAX which is collected by State Government.
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Answer / aishwarya...
VAT is basically an indirect tax which is lieved at every level of production and distribution of goods in the home market.It is added as a percentage charge based on assessable value that is added by the value additions done by each dealer.
TDS is one of the modes of collecting Income Tax from the assessees.Such collection of tax is effected at the source when income arises or accrues.
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Answer / vaishali kulkarni
tax deducted at sources is deducted from income of
employee/worker which is due for limited period but value
added tax is charge only this scenario purchase or sale of
material & charged on assessable value of this product . one
important thing is that VAT is indirect tax bcoz it is not
business related exp. but TDS is business related exp thats
why TDS is direct tax .
TDS is transfer to the tax authority by the employer
which is automatically deducted from income tax
A value added tax (VAT) is a form of consumption tax.
From the perspective of the buyer, it is a tax on the
purchase price. From that of the seller, it is a tax only on
the value added to a product, material, or service, from an
accounting point of view, by this stage of its manufacture
or distribution
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Answer / dinesh
Full form of TDS is tax deduction source it is the tax which
is deducted for the parties by company and it is a expense
for company.
Full form of TCS is tax collection source it is the tax
which have to be collected by company from other's and it is
a income for the company.
If VAT is charged means physical material is supplied so there is no TDS to be deducted. but if any amount is charged for works contract that is charges for any work done than TDS to be deduct on that amount
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Answer / kumaresan v
Tds applicable for all services
Vat is a indirect tax .
For exampel - bear , ciccret , liquird ,for more product
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Answer / swarup
TDS means tax deducted at source, which signifies that tax which has been deducted on income of an individual or on production of goods.
On the other hand VAT denotes value added tax, means the tax which is added when the purchase or sale of goods takes place within the state.
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