Difference between TDS and TCS
This query is : Resolved
21 December 2009
Dear Experts,
Could you kindly tell me, what is the basic difference between TDS and TCS. Also to which sector the TCS is normally applicable.
Could you kindly tell me, what is the basic difference between TDS and TCS. Also to which sector the TCS is normally applicable.
21 December 2009
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
21 December 2009
AGREE WITH EXPERT
21 December 2009
mee to agree.
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