Please help me on tds
DINESH (ACCOUNTS MANAGER) (131 Points)
13 July 2013
Please help me...
I want to know.. what is the difference between TDS under DVAT and TDS under Income Tax???????
Yogesh Badoni
(Asst. Manager- Compliance)
(31 Points)
Replied 13 July 2013
TDS (WCT) represent TDS under VAT which is applicable on every works contract being a special type of transaction (Not ordinary Sale or trading ) advance VAT has to be deducted and deposited by the awarder /contractee
TDS(IT) represent TDS under Income Tax wchch is applicable on diffrent deductees falling under various services like , income from profession, contract, Rent, Fee, etc,
The perpose of the both to secured and collect the revenue in advance for the State Gov and Central Govt respectivly.
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