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TDS / TCS difference

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(Querist)
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.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
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.
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Anil

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Anil (Querist)
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?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
07 August 2008 The TCS is on the income. Therefore it is over and above the agreed income between the parties.
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