Differance between tds & tcs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2012 Dear Expert
What is defference between TDS & TCS? Please give me your valuable advicee with example. Thanx

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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13 April 2012 in this regards read link :

https://www.caclubindia.com/experts/tcs-816725.asp

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CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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13 April 2012 TDS stands for Tax deducted at source and TCS stands for Tax collected at source.

TDS is deducted on payment from the amount paid or credited in books which ever is earlier. Say you are making payment of RS. 100/- towards contractual services, you deduct TDS @ 2.266% = Rs. 2.67 and pay Rs. 97.33

TCS is collected in addition to the sales prices of certain specified items. For eg. on sale of scrap TCS to be collected is 1.133% Say for 100 Rs. sale of scrap you have to collect TCS @ 1.133% = 1.13 Rs. So. you must recieve Rs. 101.13

Both the collections are to be deposited with bank into respective accounts

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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13 April 2012 G SIR AGREED WITH U.
THANKS,

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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13 April 2012 YES.RAMESH SIR UR WELCOME...

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