When to deduct TDS
i have been told not to deduct TDS where we are paying VAT to Payee
and to deduct TDS where we Are paying Service Tax to payee
What make it different ????
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tds
Replies (5)
If you are paying VAT it means you are doing some sales for which there is no TDS. You have to deduct Tax only if the payment comes under the purview of section 194.
TDS is applicable only on Services not on Purchases. but here the tds is to be deduct either Invoice booking or Advance payment made which ever is earlier.
what is tcs
tcs means tax collection at source
when co. sale scrap it can collect tcs on its saleable value
i.e. @ 1% tcs + surcharge +education cess
TCS REFERS TO TAX COLLECTED AT SOURCE IT IS COVERED U/S 206A OF THE IT ACT. IT IS QUITE SIMILAR TO TDS
HOW 2 COMPUTE TCS
ALCOHOLIC LIQUOR FOR HUMAN CONSUMPTION, SCRAP @ 1%
PARKING LOT, TOLL PLAZA @ 2%
ANY FOREST PRODUCE, TIMBER OBTAINED BY ANY MEANS, TENDU LEAVES @ 2.5%
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