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
What is defference between TDS & TCS? Please give me your valuable advicee with example. Thanx
13 April 2012
in this regards read link :
https://www.caclubindia.com/experts/tcs-816725.asp
https://www.caclubindia.com/experts/tcs-816725.asp
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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
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
Message likes :
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13 April 2012
G SIR AGREED WITH U.
THANKS,
THANKS,
13 April 2012
YES.RAMESH SIR UR WELCOME...
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