Diff b\w tds and tcs

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naga raju

naga raju (Querist)
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22 April 2013 Dear sir

What is the difference between TDS and TCS

and the way of Accounting for both

Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 April 2013 https://www.caclubindia.com/experts/diff-between-tds-n-tcs--1078304.asp#.UXUNN6IxGAc

Check out from above link.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 April 2013 For TDS: (Say Bill amount Rs 100 and TDS 10%)

1) Expenses A/c Dr Rs 100
To TDS Payable A/c Rs 10
To Party A/c Rs 90

2) Part A/c Dr Rs 90
To Bank A/c Rs 90

3) TDS Payable A/c Dr Rs 10
To Bank A/c Rs 10

For TCS: (Say Sale amount Rs 100 and TCS 10%)

1) Party A/c Dr Rs 110
To Sales A/c Rs 100
To TCS Payable Rs 10

2) Bank A/c Dr Rs 110
To Party A/c Rs 110

3) TCS Payable A/c Dr Rs 10
To Bank A/c Rs 10

naga raju

naga raju (Querist)
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22 April 2013 Thank You Sanjay sir nice , but still i have doubt

why we have to pay Rs 110 for the party and Rs 10 tax in TCS

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 April 2013 Please see Bank A/c is Dr so we are getting the amount from party. Rs 100 for sale and Rs 10 as TCS collected which we are paying,

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naga raju

naga raju (Querist)
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23 April 2013 Thank You

On what type of payments TCS has been collected.
For Example TDS on salaries and rent

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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