Tds and tcs
This query is : Resolved
pratapchaudhary
(Querist)
28 April 2014
Sir i want to know about what is difference between tds and tcs. What is use of tcs in practical life
28 April 2014
Hi Pratap,
TDS is mode of deducting tax by someone who makes a payment to another, such as Employer deducting tax at source from salary of employee u/s 192, Bank deducts tax on interest on fixed deposits u/s 194A whereas TCS is a form of collecting tax, for example the seller collects tax from the buyer at the time of sale of specific category of goods or utilization of services/facilities like, tax collected at toll plaza, parking lot etc.
TDS is mode of deducting tax by someone who makes a payment to another, such as Employer deducting tax at source from salary of employee u/s 192, Bank deducts tax on interest on fixed deposits u/s 194A whereas TCS is a form of collecting tax, for example the seller collects tax from the buyer at the time of sale of specific category of goods or utilization of services/facilities like, tax collected at toll plaza, parking lot etc.
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