I am kind of confused between VAT and income tax! and am i
supposed to use them both in the income statement?
- 1 Answers
- 3337 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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.
| Is This Answer Correct ? | 7 Yes | 1 No |
Post New Answer View All Answers
BRIEF IN DETAIL REGARDING RATIOS
Define balancing in accounting?
Pass the journal entry: rent outstanding
Give Any three special cases of computation of capital Gain U/s 45(1A) to 45(6)?
SIR HOW MANY FORM USE FOR COMMERCIAL TAX & WHAT IS THEIR USES. PLEASE GIVE YOUR SUGGEST
get fixed assets items
what are the main important accounting entries for AP and AR ...
What do you know about this position?
i need clarification about tds will be calculate before deductions or after deductions on gross salary+incentive
Who uses accounting?
Mention what is bank reconciliation?
What is the difference between Open Items and Reconciling Items on a Balance Sheet Reconciliation?
Mention why some asset accounts have a credit balance?
GRIR is the clearing account so it the balance will be zero, so how it will impact with balance sheet and why we require to reconcile that account ?
what is turn over? what is vat? what should ido to become a expert in acount? plese ans me
