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Answer Posted / tax beginner
Hi
TDS - Tax Deducted at Source
In simplest terms
This is the amount that a company deducts while making
payments. E.g. Vandor payments ,Salary payments for Staff
(to name a few). The company has the obligation to remit
this amount to Government on behalf of vendors,employees
etc.
TCS - Tax collected at Source
In some transactions the Remittance to Government becomes
the responsibilty of the Seller, e.g. Scrap Sale in this
case the Co. collects Tax from Buyer and remits to
Government.
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