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TDS and FBT

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(Querist)
02 June 2009 What is TDS,TCS and FBT. Wht is the difference between TDS and TCS.
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
02 June 2009 TDS is the abbreviation fot Tax Deducted at Source coming under Chapter XVII OF THE INCOME TAX ACT 1961 TCS is tha abbreviation for Tax Collected at Source under section 206C.FBT is the abbreviation fot Fringe Benefit Tax under Chapter XIIH of the Income Tax Act 1961 You can go through the sections and note the difference between TDS and TCS both are indentical only TCS is related to the sale of certain specific items
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Jiwan singh

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Jiwan singh (Expert)
02 June 2009 TDS-Tax deducted at source- When we pay advance to supplier for freight,rent,commission or book expenses,have to deduct TDS .

TCS-Tax collection at source-When we sale scrap ,have to deduct TDS

FBT-Fringe benifit tax- When we give fringe benifits,have to paid FBT
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