VAT: Value Added Tax - VAT withholding and incoming tax witholding

VAT withholding and incoming tax witholding

0	what is journal entry for VAT withholding and incoming tax witholding ? what is difference of VAT WHT and incoming tax WHT? Thanks withholding tax asked 1 year, 4 months ago George 1

One Answer:

oldest newest most voted

i like this answer (click again to cancel)

i dont like this answer (click again to cancel)

VAT w/h - you withheld part of VAT before paying to vendor (1000+100 = 1100). you withheld 75% of 100 and pay 1000 in full. 75 will be paid to sales tax authorities.

Income w/h - you withheld part of the payable to the service provider. (1000+100 = 1100). you withheld 20% of 1000 and pay vat in full to vendor. 200 will be paid to income tax authorities.

difference is VAT vs Income tax authority... two separate tax!!!

link

answered 2 months, 3 weeks ago

anujgoyal
1

If you log in you will be able to sign up for the periodic email updates about this question.

Your answer

Please start posting your answer anonymously - your answer will be saved within the current session and published after you log in or create a new account. Please try to give a substantial answer, for discussions, please use comments and please do remember to vote (after you log in)!

toggle preview

Topics:

tax ×4
withholding ×1

Asked: 1 year, 4 months ago

Seen: 717 times

Last updated: 2 months, 3 weeks ago

Related questions