TDS & TCS

TDS/TCS: In case of certain incomes/payments, tax is deducted at source by the payer at  the prescribed rate at the time of accrual or payment of such incomes to the payee. Similarly, in certain cases, tax is collected at source by the seller from buyer or a person from his licencee/lessee, etc.at the time of debiting the amount to account of the buyer/licencee/lessee or the receipt of payment whichever is earlier.

In simple TDS deducted from payment and TCS Collected along with receipt.

ok

 TDS : tax deduction at source

TCS : tax collection at source

 thanks raghu ! 

i was jus confirming my answer that i hav given in exams ! 

thanx once again !