Answer Posted / 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.
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