About tds tcs
This query is : Resolved
sushil tiwari
(Querist)
22 March 2013
SIR I WANT INFORMATION LIKE A DIFFERENCE BETWEEN TDS AND TCS.YOU GIVE ANSWER
CA Chirag Haraniya
(Expert)
22 March 2013
TDS is Deducted while making payment to your Vendor for any Expenses and it is deducted under various sections 192 onwards.
Whereas in case of TCS when you sell something like scrap to Customers it should be collected alongwith your income from Scrap.
Both TDS Deducted & TCS collected is to be deposited with Government Treasury within Due Date prescribed.
Further for both of these you have to file Quarterly returns.
& TDS & TCS Certificates are to be issued within 1Month from the Due Date of filing Quarterly Return.
Whereas in case of TCS when you sell something like scrap to Customers it should be collected alongwith your income from Scrap.
Both TDS Deducted & TCS collected is to be deposited with Government Treasury within Due Date prescribed.
Further for both of these you have to file Quarterly returns.
& TDS & TCS Certificates are to be issued within 1Month from the Due Date of filing Quarterly Return.
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