Income tax
This query is : Resolved
11 November 2011
Thanks for replying sir I want to know the difference between TDS and TCS
12 November 2011
i will tel u in short tcs means when a seller sell good to buyer and at the time of collecting money or at the time of debiting amt payable by buyer,seller collects tcs from the buyer in regard to certain goods like alcohol scrap tendu leaves which vary from 1% to 5%...tds is opposite of tcs but in tds services r given....
12 November 2011
TDS: Under this arrangement Income Tax is deducted from the payment made to Vendor. Since the payer is supposed to pay the sum after deduction of tax that is why it is called as "Tax dedcted at source".
TCS: Under this arrangement Income Tax is charged in the bill and collected from Customer. Since the tax is charged in the bill and collected from Customer, it is called as "Tax collected at source".
Hope I could simplify it.
Regards
K.L.Paliwal
TCS: Under this arrangement Income Tax is charged in the bill and collected from Customer. Since the tax is charged in the bill and collected from Customer, it is called as "Tax collected at source".
Hope I could simplify it.
Regards
K.L.Paliwal
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