Why TCS ???
This query is : Resolved
03 April 2011
When is TCS applicable??? What is the difference between TDS & TCS???
03 April 2011
TDS- Tax Deducted at source Generally Deducted by the person who is making payment against the expenses ( for services received )Like--
Income from Salary U/s 192
Interest other than interest on securities u/s 194A
Payment to Contractors; Sub-contractor; Advertising Contractors U/s 194C
Rent U/s 194I
Commission or Brokerage U/s 194H
Fees for Professional / Technical Services U/s 194J.
Etc.
TCS- Tax collected at source When the seller of the following goods as specified U/s.206(1)
1.Alcoholic Liquor for Human consumption
2.Tendu Leaves
3.Timber Obtained under a forest lease
4.scarp
5.Parking lot,toll plaza,mining and quarrying
while selling the seller collecting from the buyer of the particular product
Income from Salary U/s 192
Interest other than interest on securities u/s 194A
Payment to Contractors; Sub-contractor; Advertising Contractors U/s 194C
Rent U/s 194I
Commission or Brokerage U/s 194H
Fees for Professional / Technical Services U/s 194J.
Etc.
TCS- Tax collected at source When the seller of the following goods as specified U/s.206(1)
1.Alcoholic Liquor for Human consumption
2.Tendu Leaves
3.Timber Obtained under a forest lease
4.scarp
5.Parking lot,toll plaza,mining and quarrying
while selling the seller collecting from the buyer of the particular product
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03 April 2011
Difference between TDS and TCS
TDS and TCS are two exactly opposite scenarios.
The former is the deduction from the income of the recipient while the later is the amount accumulated by the company or others in the form of tax. So in other words TDS is a form of expense while TCS is a form of income.
In India the tax is deducted at source (TDS) on the following grounds:
* Salaries
* Rent received from properties
* Payment received on Commission or brokerage
* Interest received on bonds and securities.
* Interest received from fixed deposit.
* Other sources of income are also included in it as in payment received from other professional services apart from salary.
On the other hand it is the responsibility of the seller or the company to deposit the Tax Collected at Source.
Under Section 206C, every item that a seller sells is liable for some percentage of tax. For example even if a seller sells a scrap it is entitled for a tax of 1% on the selling price.
Following are the goods when sold in the market must be subjected to TCS and these collected taxes must be deposited in the Income Tax departments at the end of the financial year:
1.Alcoholic Liquor for Human consumption
2.Tendu Leaves
3.Timber Obtained under a forest lease
4.scarp
5.Parkinglot,toll plaza,mining and quarrying
TDS and TCS are two exactly opposite scenarios.
The former is the deduction from the income of the recipient while the later is the amount accumulated by the company or others in the form of tax. So in other words TDS is a form of expense while TCS is a form of income.
In India the tax is deducted at source (TDS) on the following grounds:
* Salaries
* Rent received from properties
* Payment received on Commission or brokerage
* Interest received on bonds and securities.
* Interest received from fixed deposit.
* Other sources of income are also included in it as in payment received from other professional services apart from salary.
On the other hand it is the responsibility of the seller or the company to deposit the Tax Collected at Source.
Under Section 206C, every item that a seller sells is liable for some percentage of tax. For example even if a seller sells a scrap it is entitled for a tax of 1% on the selling price.
Following are the goods when sold in the market must be subjected to TCS and these collected taxes must be deposited in the Income Tax departments at the end of the financial year:
1.Alcoholic Liquor for Human consumption
2.Tendu Leaves
3.Timber Obtained under a forest lease
4.scarp
5.Parkinglot,toll plaza,mining and quarrying
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04 April 2011
* What is the Section, Threshhold and rate of TCS?
* Is TCS applicable on sell of Wastage material obtained during the production process?
* Is TCS applicable on sell of Wastage material obtained during the production process?
04 April 2011
https://www.caclubindia.com/articles/all-you-want-to-know-about-tds-7882.asp
SEE ABOVE ARTICLE.
SEE ABOVE ARTICLE.
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06 April 2011
Is TCS applicable on sell of Wastage material obtained during the production process?
12 May 2011
Is TCS applicable on sell of Wastage material obtained during the production process?
What is Tendu Leaves???
What is Tendu Leaves???
12 May 2011
Yes. TCS is applicable on sell of Wastage material obtained during the production process.
To know about Tendu Leave see article from below link--
http://www.botanical.com/site/column_poudhia/158_tendu.html
To know about Tendu Leave see article from below link--
http://www.botanical.com/site/column_poudhia/158_tendu.html
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