Tax Deduction At Source
This query is : Resolved
25 April 2008
What is Logic Behind TDS ?
Why TDS on Service tax And Why not on VAT
What is Logic Behind TDS ?
Why TDS on Service tax And Why not on VAT
26 April 2008
VAT is charged on sale of goods. TDS is not attracted to contract for sale.
How ever, there may be certain rare circumstances, like transfer of right to use googs, where TDS has to be deducted on VAT also.
How ever, there may be certain rare circumstances, like transfer of right to use googs, where TDS has to be deducted on VAT also.
26 April 2008
The logic behind TDS
A measure of tax collection
Tracking un accounted transaction by providing audit trail.
A measure of tax collection
Tracking un accounted transaction by providing audit trail.
26 April 2008
TDS IS A REVENUE COLLECTION MEASURE OF GOVT. - TAX COLLECTION BEING A MEASURE TO RAISE FIN.RESOURCES TO RUN THE ECONOMY LIKE VAT / SERV.TAX / EXCISE / OCTROI / INCOME TAX / LUXURY TAX ETC...SOME OF THESE BEING DIRECT TAXES AND SOME INDIRECT TAXES.THIS IS A GLOBAL PRACTICE.
ASSUME FOR A MOMENT THAT
NO TDS IS DEDUCTED FROM A SALARY EMPLOYEE,
NO TDS IS DEDUCTED FROM CONTRACTOR/OR PROFESSIONAL /NON RESIDENT/COMMISSION PAYMENT/RENT PAYMENT ETC...
WHO WILL ENSURE TAX COLLECTION THEN?
THEN THERE ARE NO CHECKS AND BALANCES. SOMEBODY GOES SCOTFREE WITHOUT CONTRIBUTING TO EXCHEQUER.
THERE IS THE OTHER CLASS LIKE BUSINESS CLASS WHO ARE FORCED TO COUGH UP TAXES BY WAY ADV. TAX,REGULAR TAX ETC...
TDS IS ON SERVICES WHILE VAT IS ON SALE .
R.V.RAO
ASSUME FOR A MOMENT THAT
NO TDS IS DEDUCTED FROM A SALARY EMPLOYEE,
NO TDS IS DEDUCTED FROM CONTRACTOR/OR PROFESSIONAL /NON RESIDENT/COMMISSION PAYMENT/RENT PAYMENT ETC...
WHO WILL ENSURE TAX COLLECTION THEN?
THEN THERE ARE NO CHECKS AND BALANCES. SOMEBODY GOES SCOTFREE WITHOUT CONTRIBUTING TO EXCHEQUER.
THERE IS THE OTHER CLASS LIKE BUSINESS CLASS WHO ARE FORCED TO COUGH UP TAXES BY WAY ADV. TAX,REGULAR TAX ETC...
TDS IS ON SERVICES WHILE VAT IS ON SALE .
R.V.RAO
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