What is the difference between TDS and TCS?

Answer Posted / kaveri

TDS means Tax Dedected on employees salary and wages, contracters. no any expences.
TCS means tax collected at source. The seller has to collect tax from the payer who has purchers any items.

Is This Answer Correct ?    2 Yes 0 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

Any body tell me about VAT (Karnataka)shortly because, iam reading vat book but iam not able to understand that. if any body tell me shortly about karnataka vat, retursn, tax collectng, tax payment, CENVAT utilizing etc. pleseeeeee

2161


how will one calculate TDS when the bill is with service tax (SAY an AMC bill ) and what treatment will be there when it is a rent bill with service tax. is there any rules in income tax as to deduct double taxation?? pls help with rules sir

1544


Who is an assessee?

737


Hellow this is ravindra wanted to know about excise duty rates pls suggest

1482


how to calculate service tax on tds

1785






If we issue a new sale invoice after issuing a Credit Note to the coustomer, for the previously issued sale invoice on which Central Sales Tax @2% was Paid previously,whether we will be liable to pay for charging the sales tax on new invoice and pay to the sales tax department.

1788


meaning of accessory for central excise purpose

3998


What doyou mean by assesment order? and for what purpose it will be passed?

1591


Dear All, We are a trader and doing one E-1 sales. Supplier send the material by To-pay basis, we endorse the LR and sold to Customer. Customer has given the purchase order for Basic amount and freight amount also. That means we have to pay the freight and getting the reimbursement from customer. In E-1 sales Invoice can we show the freight amount separtely as freight ? Since the customer need the freight head should be shown separetly. Or can we raise the separate debit note for this. Is it create any tax implifications in E-1? Please claify the same at the earliest. regards Regards Thananjeyan.P

2087


i want know central excise duty codes with cess?

2286


Pls can you write briefly about procedure of Auditing of VAT, Service Tax and Central Excise?

1607


Apply for TDS certificate in bank for rent purpose is wrongly entry as 94C instead of 94I. Is any problem?

1374


Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!

1226


How to calculate long term capital gain

1689


If a person have been appointed as a Director in more than one company, what is the rule of paying Prof. tax ? Is Directors prof .Tax has to be paid by all the Companies whre he is a director.?

1268