Dfference between TDS and TCS
This query is : Resolved
CA Alekh Mathur
(Querist)
17 April 2009
Plz tell me the diference between TDS AND TCS???????
CA. B.SRINIVASULU
(Expert)
17 April 2009
TDS - Tax Deduction at source - when income is being paid the payee will deduct the tds.
TCS - Tax collected at source - the purchaser will collect tax at the time of purchase of certian items such as wood, alcohol etc.,
TCS - Tax collected at source - the purchaser will collect tax at the time of purchase of certian items such as wood, alcohol etc.,
HUZAIFA HUSSAIN
(Expert)
17 April 2009
I agree with expert
CA Nitin Wadhwani
(Expert)
18 April 2009
TCS is collected by the seller and not by the purchaser.
Deepak Goel
(Expert)
18 April 2009
I am also agree with experts
Manmohan ACA, CS
(Expert)
18 April 2009
TDS is a measure, in which persons who are making payment of income to any other person are responsible to deduct tax from such income (at specified rates) and pay only net amount. Tax so deducted (called TDS) shall be deposited with the Government’s treasury within the stipulated time.
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Apart from TDS, another device applied for quicker collection of tax is Tax Collection at Source (TCS) u/s 206C.
in which Every seller, shall collect tax from the buyer of any specified goods, at the time of -
• Debiting the amount payable by the buyer to the account of the buyer; or
• Receipt of such amount from the buyer,- whichever is earlier.
Objects of TDS and TCS
• Quicker realisation of tax.
• Effective realisation of tax
-------------------------------------------------
Apart from TDS, another device applied for quicker collection of tax is Tax Collection at Source (TCS) u/s 206C.
in which Every seller, shall collect tax from the buyer of any specified goods, at the time of -
• Debiting the amount payable by the buyer to the account of the buyer; or
• Receipt of such amount from the buyer,- whichever is earlier.
Objects of TDS and TCS
• Quicker realisation of tax.
• Effective realisation of tax
18 April 2009
i agree with experts
21 April 2009
agree with the experts
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