on 09-28-2007 5:29 AM
Can any one please let me know the differnece between Withholding tax and purchase/sales tax
Thanks
Shravan
Hi Sharavan,
The basic difference between wht and purchase/sales taxes is when we make the purchase/sales at that time we pay the tax. including tax.
in wht at the time of payment we diduct the tax from our side, rest of the payment we pay to the opposit party. excluding tax, at the time of submission of returns we balance the both wht and other taxes.
assign points if useful.
Raghav
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Hi,
With holding Tax comes under DIRECT TAXES.
Income Tax, Wealth Tax, Gift Tax.
Income Tax :-
Income from Salary
Income from House property
Income from Business or Profession
Income from Capital Gains
Income from Othersources.
Hence Purchase / Sales Tax comes under INDIRECT TAXES
Sales Tax, Excise Duty, Service Tax, Custmos Duty, Export Duty etc.,
Warm Regards,
Sivakumar Sathiyamoorthy
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