What is the difference between TDS and TCS?
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Answer / ankur sharma
TDS stands for Tax deducted at source which means tax
deducted by the company or other person on which he is
liable to deduct the amount:for example banks is liable to
deduct on amount if given amount is exceed Rs 10000 TCS
stands for Tax collection at source which means tax is
collected by the company on collection of specific amount
thus this is income for the company and deposit this amount
on due date ort before the due date.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / pooja sinha
TDS is not an expense for the employer or a company because it deducted out of the payment would be given to the service provider.
TCS is also not an expense for the company it collected from the sale of Minerals ( like Coal, Iron Ore, etc) & ultimately paid by the consignee.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / k sadashiva
tds means tax deducute some amount from the employee to company
tcs means tax collected from buyer to seller
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / mr.naresh
TDS Means A Person Working In The Some Company He was Gain
Some Amount(Salary), So in This Salary Deducted into Paid to
Govt it is Called TDS.
TCS Called as In the Market A person Buy the Product Who are
Sell the Particular Product Paid on Some amount Called as TCS.
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / kaveri
TDS means Tax Dedected on employees salary and wages, contracters. no any expences.
TCS means tax collected at source. The seller has to collect tax from the payer who has purchers any items.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / bharath chowdary
TDS means the service provider liable to deducts a part of amount based on the applicable tax rates from the service receiver and also that deducted amount liable to pay to the tax government with in a due date i.e.,7th of the next monhth.
TCS means the tax collected from the buyer by seller for meeting the expenses met by him on that service or product.The collected person also liable to paid to that amount to tax department with in a due date or he may pay before the due date.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / pramod
TDS means (TAX deducted at source) the amount of tax paid on payment which is deducted from other's while making payment (when the payment exceeds the limit
).
Where as TCS means (Tax collected at source)amount of tax collected on suplly of goods which is collected from othre's while supplying goods.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / jaiveer singh rawat
TCS is the tax levied on goods which is specified under section 206C of the income tax act 1961.(at the time of purchase of goods).
TDS is the tax levied on services.at the time of making payments of service such as salary,rent,professional fees commission on lottery tickets etc.....
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / micky
TDS- tax deducted at source. tds paid by emoloyer in the salary of employee.e.g if employee salary is 250000 then employer deduct 10% tds on salary and remaining amount paid to the employee.
TCS- tax collected a source. tcs is collected by seller from the buyer at the time of sale of specified goods. e.g tenduleaves,scrap,parking lot etc.
tds and tcs paid to the govt.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / neeraj airan
TDS -a method of collecting tax on the behalf of individual or other by the person who give this income.Either this income can be in the form of Rent ,Salary or Interest.
TCS- a technique in which tax gets collected by the seller of some specific goods like liquor, forest goods etc .
The main difference is that TDS covered the income so that tax on them can directly go to the deptt. in the previous year but aim of TCS is that the income on which tax cannot be deducted by TDS or paid by advance tax can get paid by the customers of liquor and others.
| Is This Answer Correct ? | 1 Yes | 0 No |
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