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Difference between TDS & TCS ?

This query is : Resolved 
 

(Querist)
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.



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