Tax collected at source
This query is : Open
01 September 2013
DEAR SIR/FRIENDS,
Please anyone help me in understanding the Tax Collected At Source in detail and what is the difference between TDS & TCS
If we purchase gold then whether the buyer collects TCS from us? please share your views in common language with practical examples
Thanks,
Please anyone help me in understanding the Tax Collected At Source in detail and what is the difference between TDS & TCS
If we purchase gold then whether the buyer collects TCS from us? please share your views in common language with practical examples
Thanks,
02 September 2013
Tax collected at source (TCS) is a Direct Tax, applicable on sale of Few listed Materials including Sale of Scrap, Sale of Coal & Gold.
The seller has to collect this tax from the buyer. I.e The buyer will have to pay extra 1% of total value of the material to buy it.
TDS is a tax deducted at source, i.e. Before you get the payment/compensation for your work, the Payer will have to Deduct the tax.
The seller has to collect this tax from the buyer. I.e The buyer will have to pay extra 1% of total value of the material to buy it.
TDS is a tax deducted at source, i.e. Before you get the payment/compensation for your work, the Payer will have to Deduct the tax.
02 September 2013
Thank you Harsha
02 September 2013
can u give much more explanation i.e.,
for example if joyalukkas sells gold to the customer then it has to collect the tcs from the customer then joyalukkas pays the tcs to whom i know that tcs is tax collected at source at the time of purchase of gold itself joyalukkas has paid the tcs to seller
but, who who can collect the tcs
for example if joyalukkas sells gold to the customer then it has to collect the tcs from the customer then joyalukkas pays the tcs to whom i know that tcs is tax collected at source at the time of purchase of gold itself joyalukkas has paid the tcs to seller
but, who who can collect the tcs
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
- GST Regis.
- Inventory of finished goods
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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 einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
