Income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2011 Dear sir\Madam
May I know the difference between TDS and TCS

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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12 November 2011 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.

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