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
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Answer Posted / ramulu
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.
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