Tcs
This query is : Resolved
CA PARAS BAFNA
(Expert)
12 November 2011
TCS: means Tax Collected at Source.
TDS: Tax Deducted at Source.
TCS: It is collected from purchasers of certain commodities from purchasers of these and to be deposited with the Govt. by the seller.
The Goods covered are alcoholic Liquor, Tendu Leaves, Tmber etc.
You may refer Section 206C for more details.
.
TDS:
.
It is deducted on certain payments. While making such payments the payer has to deduct Tax on the amount payable and has to deposit the TDS so deducted, with the Govt.
For example TDS is deducted from Salary, Interest...etc.
You may refer Section 192,193, 194, 194A...etc.
TDS: Tax Deducted at Source.
TCS: It is collected from purchasers of certain commodities from purchasers of these and to be deposited with the Govt. by the seller.
The Goods covered are alcoholic Liquor, Tendu Leaves, Tmber etc.
You may refer Section 206C for more details.
.
TDS:
.
It is deducted on certain payments. While making such payments the payer has to deduct Tax on the amount payable and has to deposit the TDS so deducted, with the Govt.
For example TDS is deducted from Salary, Interest...etc.
You may refer Section 192,193, 194, 194A...etc.
Pankaj K Gupta
(Expert)
13 November 2011
Yes, Paras Bafna ji is very right.
TCS is collected from your Customes over the purchase price & taxes while TDS is deducted from your suppliers / service providers and amt so collected is reflected in 26AS of the concerned deductee.
TCS is collected from your Customes over the purchase price & taxes while TDS is deducted from your suppliers / service providers and amt so collected is reflected in 26AS of the concerned deductee.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Capital Gains Tax on Inherited Mutual Fund
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Form 144 TDS Return Validation error
- IMS (import of goods) ITC related
- Gift to nri relatives resides in usa
- Capital gain on commercial property and investment in residential property
- Import of Capital Machine
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
