Dfference between TDS and TCS
This query is : Resolved
17 April 2009
Plz tell me the diference between TDS AND TCS???????
17 April 2009
TDS - Tax Deduction at source - when income is being paid the payee will deduct the tds.
TCS - Tax collected at source - the purchaser will collect tax at the time of purchase of certian items such as wood, alcohol etc.,
TCS - Tax collected at source - the purchaser will collect tax at the time of purchase of certian items such as wood, alcohol etc.,
17 April 2009
I agree with expert
18 April 2009
TCS is collected by the seller and not by the purchaser.
18 April 2009
I am also agree with experts
18 April 2009
TDS is a measure, in which persons who are making payment of income to any other person are responsible to deduct tax from such income (at specified rates) and pay only net amount. Tax so deducted (called TDS) shall be deposited with the Government’s treasury within the stipulated time.
-------------------------------------------------
Apart from TDS, another device applied for quicker collection of tax is Tax Collection at Source (TCS) u/s 206C.
in which Every seller, shall collect tax from the buyer of any specified goods, at the time of -
• Debiting the amount payable by the buyer to the account of the buyer; or
• Receipt of such amount from the buyer,- whichever is earlier.
Objects of TDS and TCS
• Quicker realisation of tax.
• Effective realisation of tax
-------------------------------------------------
Apart from TDS, another device applied for quicker collection of tax is Tax Collection at Source (TCS) u/s 206C.
in which Every seller, shall collect tax from the buyer of any specified goods, at the time of -
• Debiting the amount payable by the buyer to the account of the buyer; or
• Receipt of such amount from the buyer,- whichever is earlier.
Objects of TDS and TCS
• Quicker realisation of tax.
• Effective realisation of tax
18 April 2009
i agree with experts
21 April 2009
agree with the experts
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Gst Sales of FY 2023-24
- RCM - commercial rent paid to URP under GST
- SEC 54 OF IT ACT
- Payable outstanding for years disallowance
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- TDS NUMBER SURRENDER
- Need help with business structure for setting up a new business
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
