Difference
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2011
hello sir,
I am R.Manikandan. I want to know what is TDS and TCS ? and What is the different between the two term? please give me some useful information about that.I am awaiting for your reply.
I am R.Manikandan. I want to know what is TDS and TCS ? and What is the different between the two term? please give me some useful information about that.I am awaiting for your reply.
08 August 2011
Hi Mr. Manikandan. I will try to explain you the diff bw two in very brief.
TDS is Tax deducted at source. here the person deduct some part of income as tax of the other party while making the payment to the latter one. For eg. while making payment to CA TDS is deducted, similary while making payment of a Contractor. There are some limits and rates for deducting TDS.
TCS is tax collected at source. its the amount collected by the seller of certain products (Timber, Scrap etc) from the buyer in addition to the sales receipts. here also TCS is collected on the basis of some limits and rates defined.
TDS is Tax deducted at source. here the person deduct some part of income as tax of the other party while making the payment to the latter one. For eg. while making payment to CA TDS is deducted, similary while making payment of a Contractor. There are some limits and rates for deducting TDS.
TCS is tax collected at source. its the amount collected by the seller of certain products (Timber, Scrap etc) from the buyer in addition to the sales receipts. here also TCS is collected on the basis of some limits and rates defined.
08 August 2011
TDS- Tax Deducted at source Generally Deducted by the person who is making payment against the expenses ( for services received )
TCS- Tax collected at source When the sellr of the follwing goods as specfied U/s.206(1)
1.Alcoholic Liquor for Human consumption
2.Tendu Leaves
3.Timber Obtained under a forest lease
4.scarp
5.Parkinglot,toll plaza,mining and quarrying
while selling the seller collecting from the buyer of the particular product
TCS- Tax collected at source When the sellr of the follwing goods as specfied U/s.206(1)
1.Alcoholic Liquor for Human consumption
2.Tendu Leaves
3.Timber Obtained under a forest lease
4.scarp
5.Parkinglot,toll plaza,mining and quarrying
while selling the seller collecting from the buyer of the particular product
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