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difference between tds and Tcs?
tds and tcs
Replies (2)
DS implies the amount deducted from the recipient's income in the form of tax. TCS refers to an amount accumulated by the seller or company as a tax. While TDS is like expense for the company, TCS is income.
TDS is deducted before making taxable payments under income tax law. TCS is collected on sale bill in below conditions-
1. For sale of liquor TCS @ 1% is collected
2. For cash sale above one lac
3. For sale of tendu leaves and forest wood.
1. For sale of liquor TCS @ 1% is collected
2. For cash sale above one lac
3. For sale of tendu leaves and forest wood.
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