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.
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.
CAclubindia
