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Categories >> Accounting >> Accounting AllOther
 
 


 

 
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4364)
Question
WHAT IS DIFFERENCE BETWEEN TDS AND TCS?
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Hi,

TDS is actually a deduction while TCS is a collection of
tax at source, meaning thereby, if X makes payment of Rs.
100 to Y and such payment is covered under the provisions
of tds, then X will have to deduct tds say Rs. 10 and then
will make payment of Rs. 90 to Y.
While, if X sells goods worth Rs. 100 to Y and such goods
are covered under the provisions of tcs, then X will
collect Rs. 10 more from Y and hence the sale will be for
Rs. 110.
In both the cases Rs. 10 will be deposited to govt. account.
Hope it will clarify the provision a little clear.
 
Is This Answer Correct ?    49 Yes 2 No
Vikas Jaiswal
 
Answer
# 2
TDS stands for tax deducted at source 
Is This Answer Correct ?    53 Yes 8 No
Sijeesh
 
 
 
Answer
# 3
TDS is Tax deducted at source and TCS means Tax collected
at source-, TDS deducted while making payment to
creditors.
 
Is This Answer Correct ?    48 Yes 5 No
Janhavi
 
Answer
# 4
TDS is Tax deducted at source and TCS means Tax collected
at source-, TDS is Collected at a time pament by Creditor
but TCS is Collected at a time of Received For Debtor
 
Is This Answer Correct ?    32 Yes 6 No
Ranjeet
 
Answer
# 5
TDS stand 4 tax deducted at source n TCS stands 4 tax
collected at source 1. tax deducted at the time of payment
to the creditors and vice versa
 
Is This Answer Correct ?    21 Yes 5 No
Butt
 
Answer
# 6
tcs means tax collection at source which is quite different
from tds.tcs is made when the invoice of
scrap,timber,alcoholic liquor for human consumption,tender
leaves and forest produce other than timber and tendu leaves
are raised.tcs is a tax collected from buyer of those
spcifeid goods under section 206c(1) in the concept of tcs.
rate of tax of tcs is different from one item to other,the
rates are as follows,
alcoholic liquor & scrap and waste- 1%
timber and forest produce other than timber and tendu
leaves-2.5%
tendu leaves-5%
there is also a surcharge of 10% on the rate of tcs given above.
ed.cess & she cess @ 2%+1% on the basic surcharge.
TCS is exempted for buyer if he used these goods in
reproduction or manufacturing he has to submitted form 27c
to the seller.

on the other hand tds is tax deducted at source, which is
deducted from payments to contactors, salary
,interest,commision etc.
 
Is This Answer Correct ?    12 Yes 0 No
Mikesh
 
Answer
# 7
TDS stands for tax deducted at source 
Is This Answer Correct ?    23 Yes 13 No
Nilesh
 
Answer
# 8
tds- tax deduction at sources, it will be deucted at the
time of payment ot the contractor-vice versa

tcs- tax colletionm at sources, it wii be received at the
time of received of payment from debtors
 
Is This Answer Correct ?    14 Yes 5 No
Satish Kumar Jha
 
Answer
# 9
TDS MEANS TAX DEDUCTED AT SOURCE TCS TAX COLLECTED AT SOURCE 
Is This Answer Correct ?    13 Yes 7 No
Sijeesh
 
Answer
# 10
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
Satyaki_raju@yahoo.com
 

 
 
 
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