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what is the defference between tds & tcs ?
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Answer / manish.panchal
TDS is Tax Deducted at Source. This is the Tax Deducted and
paid to govertment by your client/customer.
TCS is Tax collected at Source. This is to be paid by
yourself only as this i self means TAX COLLECTED AT SOURCE.
you need to pay in challan No. 281 with respective rate of
TDS or else you have to pay on your net profit or while
calculationg advance tax.
Both of above should be determine while finalizing accounts.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / rabindra kumar mallick
TDS means tax deducted at source, it is leviable on some
source of income defined by gove of india of any assessee
by deductor. The deductor may be govt. or non govt.
TCS means Tax collected at source, it is leviable on
specific goods defined by govt of india, collected by
seller on buyer on royalty, lease, forest item.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / raghu.v
TDS :Tax Deducted at Source.
Tax on income.We will deduct the TDS amt While making the payment to Vendor.
TCS:Tax Collected at Source.
Tax will collect from Customer while some certain Goods.
| Is This Answer Correct ? | 0 Yes | 0 No |
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