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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (159)
 Taxation interview questions  Taxation Interview Questions (1916)
 Accounting General interview questions  Accounting General Interview Questions (2843)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
Question
What is the difference between TDS and TCS?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Full form of TDS is tax deduction source it is the tax which
is deducted for the parties by company and it is a expense
for company.

Full form of TCS is tax collection source it is the tax
which have to be collected by company from other's and it is
a income for the company.
 
Is This Answer Correct ?    363 Yes 95 No
Naina Jain
 
Answer
# 2
TDS always deducted on expenses by companies for exceed
limits (not included supply of goods)on different rate of
taxes.


AND
TCS always colleced from others, like on parking lots by
companies
 
Is This Answer Correct ?    168 Yes 58 No
Om. Maliya
 
 
 
Answer
# 3
TDS is the tax deducted at source tax will be deducted from
the employees salary and employer will pay on behalf of
employee hence it is an expense

Tcs is the tax collected at source the meaning of this
is tax is collected from the party &paid it may be possible
in services
 
Is This Answer Correct ?    122 Yes 40 No
Ravi
 
Answer
# 4
TDS is the mode of collecting income tax.It's full form is
Tax Deducted at Sourse. The employer/Payer or deductor
deducts the tax from the payments which is made for
employee/Payee or deductee and deposited it in the
authroised banks or treasury, which is authorised by income
tax departments.

TCS is also the mode of collecting income tax. It's full
form is Tax collected at source. In this the payer or
collector collects tax on the time of payments and
deposited it in the authorised banks or treasury, which is
authorised by income tax departments.
 
Is This Answer Correct ?    88 Yes 20 No
Rajesh Kumar Soni
 
Answer
# 5
TDS: The tax deduction at source means that the person responsible for making payment of certain income to the income earner deduct income tax at the prescribed rates on such income before payment is made to them.The amt of tax collected is paid to government treasury.

TCS: it is tax collection at source
 
Is This Answer Correct ?    58 Yes 27 No
Anish Tigga
 
Answer
# 6
TDS means tax deducted at source in which tax is deucted on
that amount that company's pays from its profit and it is
shown getting submitted IT return
TCS means tax collected at source inwhich tax is collected
from the various sources for paying tax from there services
has been provided
 
Is This Answer Correct ?    63 Yes 35 No
Raj
 
Answer
# 7
difference between TDS and TCS
TDS- OUT OF MONEY
TCS-COME IN MONEY
 
Is This Answer Correct ?    80 Yes 56 No
Manoj Kumar
 
Answer
# 8
TDS MEANS TAX DEDUCTION AT SOURCE AND TCS MEANS TAX COLLECTED AT SOURCE 
Is This Answer Correct ?    4 Yes 1 No
Suman
 
Answer
# 9
tds means tax deducute some amount from the employee to company
tcs means tax collected from buyer to seller
 
Is This Answer Correct ?    6 Yes 4 No
A.naveen
 
Answer
# 10
TDS is money deducted from worker income and transferred to
the tax authority by the employer...

TCS is money collecting at anywhere like the income of
company....
 
Is This Answer Correct ?    6 Yes 5 No
Rahul Saini
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
what is the rate of taxes for works contract   7
what is tcs   2
what is fringe benefit tax   2
WHICH CACULATION NEED FOR EXCISE DUTY FILLING & RETURN SUBITTED TO GOVERMENT?   1
What do you mean by Commercial Tax?   1
what is the treatment of minimum alternate tax, and it's calculation procedure HCL 5
what is the rate of (194h) TDS   5
1. Is TDS asset or Liability ?. 2. Is TCS Asset or Liability ?. 3. Which is Debit side and Which is Credit Side in Balance Sheet ?.   11
What is the differance between Direct Tax and Indirect Tax? ABC 4
i have received bill from civil work contractor in that they charges Service tax & vat on same amount & .Please clarify   5
what is rate of vat on gold ? and what is the rate of tax applicalbe on sale of gold in case of interstate sale ?   7
Managing Director personal income tax is company exp ? in which a/c ledger we should debit MD income tax amount ? Property tax is exp. or liabilities ? ICA 3
 
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