Home > Experts > Income Tax > Difference between TDS & TCS ?


Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Difference between TDS & TCS ? (Income Tax)

Report Abuse
This query is : Resolved


( Author )
11 December 2008

Sir,

Can u explain to me the difference between TDS & TCS ?

Thanks

Subhash Kumar Jha


Ravikumar.G

( Expert )
11 December 2008

Full form of TDS is tax deduction source it is the tax which is deducted for the parties by company and it is a expense
for company.

Full form of TCS is tax collection source it is the tax which have to be collected by company from other's and it is
a income for the company.


Ravikumar.G

( Expert )
11 December 2008

TDS always deducted on expenses by companies for exceed
limits (not included supply of goods)on different rate of
taxes.


AND
TCS always colleced from others, like on parking lots by
companies


Ravikumar.G

( Expert )
11 December 2008

difference between TDS and TCS
TDS- OUT OF MONEY
TCS-COME IN MONEY


CA Tilak Raj Sharma

( Expert )
11 December 2008

TDS - Tax deduction at Source - You will deduct it when you made some payments for salaries, contracts, rent, professional fees etc. and that is your liability. Some time your tax is also deducted by some one else, whose work you have done and that is asset for you and you can adjust it with your tax liability at the time of filing your return.


CA Tilak Raj Sharma

( Expert )
11 December 2008

TCS - Tax collected at source - it means whenever you sell something which is covered by this section you need to collect tax from your customers with the sale invoice amount. Every person (seller0 shall collect tax from buyer of goods who are covered by section 206C(1) i.e. (Alcohilic liquor, Indian made foreign liquor, tendu leaves, Timber, Any other forest product, Scrap and partking lott, toll plaza, mining and quarrying.


Previous

Next

You need to be the querist or approved CAclub expert to take part in this query .


Click here to login ( Members Login ) now


Similar Resolved Queries :











submit










Quick Links





back to the top