I am a student of PCC.
I want to know the clear difference between TDS & TCS.
kindly differenciate it clearly.
Help me plz
Thanks in advance
Venkat Rao Marella
(Manager Business Finance)
(1451 Points)
Replied 06 October 2008
| Originally posted by :Venkat Rao Marella | ||
| " | TDS is tax deducted at source. This concept involves deducting tax from the income.(for ex: Tax has to be deducted U/s 192 of the Income Tax Act, 1965 from the salary being income of the employee and giving him only the net pay). TCS is tax collected at source: This concept involves collecting tax from the buyer over and above the purchase cost. |
" |
Purchase Limit ?
ravi solanki
(articled cleark)
(21 Points)
Replied 05 November 2008
i want to know that, is it necessary to file form no 10E to employer for the pupose of claiming dedution u/s 89 (relief)
can assessee claim such relief while filling return without furnishing form 10E ?
ca.ramakrishna
(Chartered Accountant)
(313 Points)
Replied 21 November 2008
tcs is normally collected on forest goods, royalty paid on ores and mines.
CA Pramod Singhal
(CHARTERED ACCOUNTANTS)
(68 Points)
Replied 28 November 2008
Hi all,
It's very important to understand the diffe.. between tds & tcs .
TDS has to be deducted when the assessee claim expenditure in our books of accounts for services rendered by other assessee then the assessee who claiming the expenditure in our books of accounts then he will deduct tds of that party (issuing bill) against services given.
TCS has to be collected when the assessee sale some notified material to other assessee like scrap,tandoo leaves, forest product as mention u/s 206c etc.
then the party at the time of generating the sale bill then he will collect tcs at the time of billing.
Jyoti Malik
(ACCOUNTANT)
(2644 Points)
Replied 23 December 2008
Hi
TDS (Tax Deducted at Sources) has to be deducted on the expenses claimed by the assessee. If another assessee rendered services to us then the we will deducted the TDS on the amount of services.
TCS( Tax Collected at sources) has to be collected (deducted )by assessee on sale of scrap, toll plaza, parking lots, timbers, mining etc as mention u/s 206A to I.
at the time of payment or billing (debited) the assessee will collect tcs.
CAclubindia
