01 September 2013
DEAR SIR/FRIENDS, Please anyone help me in understanding the Tax Collected At Source in detail and what is the difference between TDS & TCS If we purchase gold then whether the buyer collects TCS from us? please share your views in common language with practical examples Thanks,
02 September 2013
Tax collected at source (TCS) is a Direct Tax, applicable on sale of Few listed Materials including Sale of Scrap, Sale of Coal & Gold. The seller has to collect this tax from the buyer. I.e The buyer will have to pay extra 1% of total value of the material to buy it. TDS is a tax deducted at source, i.e. Before you get the payment/compensation for your work, the Payer will have to Deduct the tax.
02 September 2013
can u give much more explanation i.e., for example if joyalukkas sells gold to the customer then it has to collect the tcs from the customer then joyalukkas pays the tcs to whom i know that tcs is tax collected at source at the time of purchase of gold itself joyalukkas has paid the tcs to seller but, who who can collect the tcs
CAclubindia
