HI ANY CAN HELP ME RAGARDING TDS AND TCS IN BRIEF
8 Replies
CA Rajesh S
(Chartered Accountant)
(1581 Points)
Replied 09 September 2008
TDS = Tax deducted at source
TCS - Tax collected at source
TDS = Payer deductes tax before payment
TCS = Collecter collects tax
CA Nallathambi Srinivasan
(Audit Team Member)
(1584 Points)
Replied 09 September 2008
TDS is deducted while making the payment and TCS is collected while making the sale of Manufacturing Scrap to anybody.
Ravinder
(Student)
(0 Points)
Replied 30 September 2008
| Originally posted by :Nallathambi Srinivasan | ||
| " | TDS is deducted while making the payment and TCS is collected while making the sale of Manufacturing Scrap to anybody. | " |
Puneet Narang
(Student)
(20 Points)
Replied 17 October 2008
| Originally posted by :Guest | ||
| " | TDS And t cs |
" |
TDS is deducted while payment.
(Guest)
| Originally posted by :CA Rajesh S | ||
| " | TDS = Tax deducted at source TCS - Tax collected at source TDS = Payer deductes tax before payment TCS = Collecter collects tax |
" |
CA-ASPIRANT
(CA-STUDENT )
(650 Points)
Replied 15 May 2009
TAX DEDUCTED AT SOURCE(TDS): Any payment made or expenses provided in the books of account which are referred u/s(s) 192 to 196 D are subject to TDS.
In other word, if we make payment for the expenses which are referred u/s above section, We shall deduct an amount calculated on rate prescribed by the government and the balance amount shall be paid to the parties.
Likewise if we are crediting any account for booking expenses which are referred u/s 192 to 196D . We shall debit party account for the amount of TDS which is to be deposited in to the governemnt account.
Example We pay Commission referred u/s 194h Rs.10000
Applicable TDS rate is 11.33% or 10.3% 1133
Payable Amt 8867/-
TAX COLLECTION AT SOURCE(TCS): Every person being a seller collect tax from the buyer of goods mentioned u/s 206C of the income tax Act, 1961. and the same shall be charges by the seller on the invoice and shall be deposited in the government account in prescribed period.
Example : a Buyer sells Scrap for Rs. 10000
Add : TCS @ 1.133% (if surcharge is applicable) 113
10113
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