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Tds and tcs

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(Querist)
28 April 2014 Sir i want to know about what is difference between tds and tcs. What is use of tcs in practical life
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Soubhagya Kumar Patra

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Soubhagya Kumar Patra (Expert)
28 April 2014 Hi Pratap,

TDS is mode of deducting tax by someone who makes a payment to another, such as Employer deducting tax at source from salary of employee u/s 192, Bank deducts tax on interest on fixed deposits u/s 194A whereas TCS is a form of collecting tax, for example the seller collects tax from the buyer at the time of sale of specific category of goods or utilization of services/facilities like, tax collected at toll plaza, parking lot etc.
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