I am kind of confused between VAT and income tax! and am i supposed to use the

I am kind of confused between VAT and income tax! and am i
supposed to use them both in the income statement?

Question Posted / m*

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I am kind of confused between VAT and income tax! and am i supposed to use them both in the income..

Answer / abdulla

VAT is Value Added Tax. Here the name itself denotes
Whenever we added Value for a product/ goods, automatically
it will attract tax. Income Tax means when ever we get/
generate/ earn income from Business/ Salary is called Income
tax.

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