Answer Posted / afridi
basic difference between tds and tcs is
tds is deducted on payment and
tcs is collected on receipts.
i think all about tds so its easy to explain you tcs.
tcs is applicable u/s 206 c of i.tax act and applicable on
following items
(i)Alcoholic Liquor for human consumption
one per cent
(ii)Tendu leaves
Five per cent
(iii)Timber obtained under a forest lease
two and one-half per cent
(iv)Timber obtained by any mode other than under a forest
lease
Two and one-half per cent
(v)Any other forest produce not being timber or tendu leaves
Two and one-half per cent
(vi)Scrap
One per cent:]
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