TDS & TCS

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2011 WHAT IS DIFFERENCE BETWEEN TDS AND TCS ?

Vivek Mehta (CA, DISA,CS, MBA)

Vivek Mehta (CA, DISA,CS, MBA) (Expert)
Follow

11 June 2011 TDS is deducted on the source of income and then income is paid net...where as in TCS the extra payment is collected for the things and paid for the things...tcs are applicable on first stage transfer

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2011 SIR CAN YOU PLEASE LIST THOSE EXTRA THINGS FOR WHICH TCS IS PAID AND WHAT IS FIRST STAGE TRANSFER ?

Ram Avtar Singh

Ram Avtar Singh (Expert)
Follow

12 June 2011 basic difference between tds and tcs is

tds is deducted on payment and

tcs is collected on receipts.

i think all about tds so its easy to explain you tcs.

tcs is applicable u/s 206 c of i.tax act and applicable on
following items

(i)Alcoholic Liquor for human consumption

one per cent

(ii)Tendu leaves

Five per cent

(iii)Timber obtained under a forest lease

two and one-half per cent

(iv)Timber obtained by any mode other than under a forest
lease

Two and one-half per cent

(v)Any other forest produce not being timber or tendu leaves

Two and one-half per cent

(vi)Scrap

One per cent:]

Vivek Mehta (CA, DISA,CS, MBA)

Vivek Mehta (CA, DISA,CS, MBA) (Expert)
Follow

12 June 2011 The Transfer that takes place for the first time...eg sale of liquor by companies to the liquor shops...
and TCS is collected over and above the receipt...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now