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Discussion > Income Tax >

Difference between TDS & TCS ?

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student

[ Scorecard : 716]
Posted On 10 September 2008 at 20:38 Report Abuse

I want to know the difference between these two terms explain me clearly if anybody can

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Anuraag Sharma
Sr Executive Finance

[ Scorecard : 785]
Posted On 10 September 2008 at 21:34

Tds means tax deducted at source means any tax whch has been deducted while paying someone or while receiving income from someone refer sec. 194 for details while TCS is tax collected at source for example Mr. A has deducted TDS of Mr. Bfor paying him Interest on loan and he has collected this money and has not deposited till now then it is TCS for mr. A.......and as and wen mr. A will deposit this amont to any bank...or directly to the credit of central govt. then this will become TCS for that bank.......


Total thanks : 3 times




CA Annie
Chartered Accountant

[ Scorecard : 742]
Posted On 11 September 2008 at 00:18


Tax deduction at Source (TDS)

Persons responsible for making payment of Income covered by the scheme of tax deduction is are required to deduct tax at source at the prescribed rates. Tax so deducted should be deposited within the prescribed time. Returns on TDS should be submitted within the specified time.

The income tax is deducted at source on

  • Salaries
  • Interest on Securities
  • Rent payments
  • Payments to Contractors and sub contractors
  • Payment of Commission or brokerage
  • Payment of fees for Professional/Technical Services
  • Payment of any income to Non Resident

Tax Collection at Source (TCS)

Tax Collection at Source arises on the part of the seller. The following goods when sold must be subjected to TCS and the taxes collected thereon must be remitted into department's accounts as done in the case of TDS

  • Alcoholic liquor for human consumption and Tendu leaves
  • Timber obtained under a Forest Lease
  • Timber obtained by any mode other than under a Forest Lease
  • Any other Forest produce not being Timber or Tendu Leaves
  • Scrap (waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons
     

 



Total thanks : 5 times



AMRITA PATTANAIK
article assistant

[ Scorecard : 39]
Posted On 11 September 2008 at 00:51

thnks 4 d info
 




CA Ravish Trivedi
The Possibilities are Infinite...

[ Scorecard : 757]
Posted On 27 September 2008 at 20:18

Thanks for info




(Guest)
Posted On 04 November 2008 at 14:33

What is Diffrence between TDS &TCS




(Guest)
Posted On 16 November 2008 at 11:37

What is TCS in which expenses or in which department it is applicable, and who will issue the TCS certificate and how the deductee is benificiated.

Thanks & Regards.

Sreenivasa Sarma V V




vaibhav
CA & CS

[ Scorecard : 559]
Posted On 16 November 2008 at 12:29

Originally posted by :Guest
" What is TCS in which expenses or in which department it is applicable, and who will issue the TCS certificate and how the deductee is benificiated.
Thanks & Regards.
Sreenivasa Sarma V V
"

TDS means Tax deducted at source -----------i.e when you receive income you receive the net amt i.e. after decuction of tax this is known as tax deductd at soruce
 

and similary when you make payment to someone you cut tax and this is kunown as TCS tax collected at source

 



Total thanks : 2 times



sairam
student

[ Scorecard : 118]
Posted On 13 January 2010 at 22:00

hello vaibhav ur diff is superb




neetu
Student

[ Scorecard : 33]
Posted On 22 February 2010 at 14:46

can anyone tell me about TCS in brief?? Please I dont have any matter to study frm on this topic.....so plz do help me......



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