WHAT IS DIFFERENCE BETWEEN TDS AND TCS?
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Answer / vikas jaiswal
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 ? | 54 Yes | 3 No |
Answer / janhavi
TDS is Tax deducted at source and TCS means Tax collected
at source-, TDS deducted while making payment to
creditors.
| Is This Answer Correct ? | 49 Yes | 5 No |
Answer / ranjeet
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 |
Answer / butt
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 |
Answer / mikesh
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 ? | 13 Yes | 0 No |
Answer / satish kumar jha
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 |
Answer / mikesh
tcs means tax collection at source which is quite different
from tds.tcs is made when the invoice of scrap,wooden and
some other certified items are raised.there are only few
items on which tcs are imposed other wise tds is compulsory
for normally every payment except payment of goods purchased.
return od tds is filed in the form 24Q,for salary and 26Q
for other tds and form 27q is used for TCS.
| Is This Answer Correct ? | 11 Yes | 4 No |
Answer / sijeesh
TDS MEANS TAX DEDUCTED AT SOURCE TCS TAX COLLECTED AT SOURCE
| Is This Answer Correct ? | 13 Yes | 7 No |
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