TCS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 December 2010
Dear Experts,
what is TCS? How is it different from TDS?
Please treat this as urgent.
Regards
what is TCS? How is it different from TDS?
Please treat this as urgent.
Regards
14 December 2010
Full form of TDS is tax deduction source it is the tax which
is deducted for the parties by company
Full form of TCS is tax collection source it is the tax
which have to be collected by company from other's.
is deducted for the parties by company
Full form of TCS is tax collection source it is the tax
which have to be collected by company from other's.
14 December 2010
for more details
http://www.simpletaxindia.org/2010/03/tds-rates-10-11-tds-rate-chart-10-11.html
http://www.simpletaxindia.org/2010/03/tds-rates-10-11-tds-rate-chart-10-11.html
Message likes :
1 times
14 December 2010
TDS is actually a deduction while TCS is a collection of tax at source, meaning thereby, if X makes payment of100 to Y and such payment is covered under the provisions of TDS, then X will have to deduct TDS say10 and then will make payment of90 to Y.
While, if X sells goods worth100 to Y and such goods are covered under the provisions of TCS, then X will collect10 more from Y and hence the sale will be for110. In both the cases10 will be deposited to govt. account.
Hope it will clarify the concept.
While, if X sells goods worth100 to Y and such goods are covered under the provisions of TCS, then X will collect10 more from Y and hence the sale will be for110. In both the cases10 will be deposited to govt. account.
Hope it will clarify the concept.
Message likes :
1 times
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
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- TDR receipts for agreement holder
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- 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
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
