Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Reconiciliation stands for sorting out the differences between two given Account statements.
Service Tax is levied by Central Government on professionals & service providers which is deducted & deposited by their clients/ customers while making payment to them.
TDS stands for Tax Deducted at Source. After end of year, assessment of tax is done & total tax payable is calculated. Out of this tax payable the Tax which has already been deducted while receiving payments from employer/clients (TDS) is adjusted & amount remaining is either paid or claimed for refund. in Nutshell, its tax paid in advance on your behalf by your associates.
VAT (Value Added Tax) stands for imposing tax only on value increased during process of manufacturing or sales. Generally the end seller gets credit equivalent to amount of tax which has been already paid by others.
regards
raj
00971503658799
Service Tax is levied by Central Government on professionals & service providers which is deducted & deposited by their clients/ customers while making payment to them.
TDS stands for Tax Deducted at Source. After end of year, assessment of tax is done & total tax payable is calculated. Out of this tax payable the Tax which has already been deducted while receiving payments from employer/clients (TDS) is adjusted & amount remaining is either paid or claimed for refund. in Nutshell, its tax paid in advance on your behalf by your associates.
VAT (Value Added Tax) stands for imposing tax only on value increased during process of manufacturing or sales. Generally the end seller gets credit equivalent to amount of tax which has been already paid by others.
regards
raj
00971503658799
This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.
Add the url of this thread if you want to cite this discussion.
Listed Under tax deducted at source account statements central government service providers value added tax City-United-Arab-Emirates-Dubai Country-United-Arab-Emirates
46_petty cash reconciliation. zip
57_excise duty reconciliation. xls
