what is TDS AND TCS

TDS =  Tax deducted at source

TCS - Tax collected at source

TDS = Payer deductes tax before payment

TCS = Collecter collects tax

TDS is deducted while making the payment and TCS is collected while making the sale of Manufacturing Scrap to anybody.

TDS And t cs

TDS is deducted while payment.
 

pls tell me about tcs

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