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Answer Posted / manoj g
TDS stands for Tax Deducted at Source and TCS stands for
Tax collected at source. This is just the full name of
statutory terms we are using for compliance.
Apart from that, the main difference lies between TDS and
TCS is the person responsible to government for its
payment. In case of TDS, the deductor is responsible
whereas in case of TCS, collector of TCS is responsible.
The other difference is TDS would be recovered when we are
going to make any payment which are within the perview of
TDS sections. As against this, TCS would have to be
recovered when we are going to sell certain commodities as
specified under 203 of income tax act like timber, tendu
leaves, scrap. Thus, in case of TDS, the person who make
payment to others and in case of TCS, te person who
receives payment from others, are responsible for its
compliance
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Do I need a waybill in the following case:- If I purchase (on bill) small quantity goods (like artificial jewelry) from one state (say Delhi) and transports it personally (say via flight) to other state (say West Bengal) along with my personal belongings and then I put them to sell through my boutique in that state. Do I need waybill? If yes, what will be the procedure? Do I need to pay entry tax at WB? What will be the procedure? Am I doing anything unlawful while transferring goods personally? Please give your advice. Regards, Manoj
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