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WHAT IS DIFFERENCE BETWEEN TDS AND TCS?
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Answer / satyaki_raju@yahoo.com
TDS-Tax will be deducted from the source of payment
TCS-Tax will be collected While collecting issuing price
| Is This Answer Correct ? | 11 Yes | 5 No |
Answer / manoj g
TDS stands for Tax Deducted at Source and TCS stands for
Tax collected at source. This is just the full name of
statutory terms we are using for compliance.
Apart from that, the main difference lies between TDS and
TCS is the person responsible to government for its
payment. In case of TDS, the deductor is responsible
whereas in case of TCS, collector of TCS is responsible.
The other difference is TDS would be recovered when we are
going to make any payment which are within the perview of
TDS sections. As against this, TCS would have to be
recovered when we are going to sell certain commodities as
specified under 203 of income tax act like timber, tendu
leaves, scrap. Thus, in case of TDS, the person who make
payment to others and in case of TCS, te person who
receives payment from others, are responsible for its
compliance
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / archana
tds means tax deducted at source and tcs means tax collected
at source. tax deducted at the time of payment
to the creditors and tax collected at the time of payment to the debtors.
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / gaurav pandey
TDS deduct at the time of payment but TCS is imposed at the time of collected any amount related with scrap, wooden and timber etc. so TDS is deducted at source and TCS is collection of source.
If i m wrong plz suggest me.......
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / siddhart
tds-tax deposited at source
tcs-tax collected at source
| Is This Answer Correct ? | 1 Yes | 4 No |
Answer / shannu
tds means tax deducted at source and tcs means tax collected
at source
| Is This Answer Correct ? | 4 Yes | 8 No |
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