TCS

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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

CA Sanat Pyne

CA Sanat Pyne (Expert)
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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.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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14 December 2010 for more details

http://www.simpletaxindia.org/2010/03/tds-rates-10-11-tds-rate-chart-10-11.html

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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