TDS / TCS difference
This query is : Resolved
07 August 2008
Can anyone please let me know the difference between TDS and TCS with respect to nature of payments , due date of payments to IT dept. ,rates, returns, issue of certificates like form 16A etc.
Thanks.
Thanks.
07 August 2008
TDS is applicable when the assessee pays money to another person.
TCS is applicable when the assessee receives income from another person.
TCS is applicable when the assessee receives income from another person.
07 August 2008
Thanks for your response sir.
Regarding TCS:
Is the person receiving income should also collect tax OVER AND ABOVE his income and pay it to IT dept OR should he pay tax from the income he has received?
Regarding TCS:
Is the person receiving income should also collect tax OVER AND ABOVE his income and pay it to IT dept OR should he pay tax from the income he has received?
07 August 2008
The TCS is on the income. Therefore it is over and above the agreed income between the parties.
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
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- 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
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
