TDS stands for 'Tax Deducted at Source'. It was introduced to collect tax at the source from where an individual's income is generated. The government uses TDS as a tool to collect tax in order to minimise tax evasion by taxing the income (partially or wholly) at the time it is generated rather than at a later date.TDS is applicable on various incomes such as salaries, interest received, commission received, dividends etc.
Whereas, VDS stands for 'Vat Deducted at Source'.VAT deduction at source (VDS) is a very important matter of today to all of them who are engaged in economic activities. VDS is one of the much talked about component of our VAT system. In our VAT system, input tax credit (rebate), export, audit, accounts are some other important components. Many of the organizations require knowing the rules and procedures regarding VDS to perform their activities specially procurement works smoothly and fairly.The basic principle is that VDS method is to be applied to such areas which are prone to evasion. A departure from this principle will result on the one hand in non-collection of VAT from risky sectors which.
In Implementation level, nitty-gritties cannot be understood by reading only the provisions of law. A proper training with valid explanation can clear the ideas on TDS and VDS.
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(5% VAT is applicable in every purchase.)
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