About tds tcs

This query is : Resolved

Report Abuse Follow Query Ask a Query

sushil tiwari

sushil tiwari (Querist)
Follow

22 March 2013 SIR I WANT INFORMATION LIKE A DIFFERENCE BETWEEN TDS AND TCS.YOU GIVE ANSWER

CA Chirag Haraniya

CA Chirag Haraniya (Expert)
Follow

22 March 2013 TDS is Deducted while making payment to your Vendor for any Expenses and it is deducted under various sections 192 onwards.

Whereas in case of TCS when you sell something like scrap to Customers it should be collected alongwith your income from Scrap.

Both TDS Deducted & TCS collected is to be deposited with Government Treasury within Due Date prescribed.

Further for both of these you have to file Quarterly returns.

& TDS & TCS Certificates are to be issued within 1Month from the Due Date of filing Quarterly Return.