Regarding tcs
This query is : Resolved
09 January 2015
Hello Everyone,
I want to know something about TCS...i have already searched on the internet & got to know about the rate ,applicability,return dates,etc..but i did not get my query resolved..
I want to know that what is the purpose of applying TCS and who gets the benefit under TCS...like in TDS the person who is making the payment deducts the tax at source and pays to the govt...and the person who receives the payment, gets the benefit in Income tax....so,likewise,wwho gets the benefit under TCS....like it is to be paid by the buyer to the seller at specified rate..but why does the buyer make the payment????
Thanks in advance..
I want to know something about TCS...i have already searched on the internet & got to know about the rate ,applicability,return dates,etc..but i did not get my query resolved..
I want to know that what is the purpose of applying TCS and who gets the benefit under TCS...like in TDS the person who is making the payment deducts the tax at source and pays to the govt...and the person who receives the payment, gets the benefit in Income tax....so,likewise,wwho gets the benefit under TCS....like it is to be paid by the buyer to the seller at specified rate..but why does the buyer make the payment????
Thanks in advance..
09 January 2015
The seller has to collect tax from the payer(buyer) who has purchased certain items and deposit it to Govt. account.
The TCS goes to the account of buyer as income tax(like TDS).
Normally no TDS is applicable on purchases so it is levied as TCS. On such items where the Govt. felt income is escaping assessment levied TCS.
The TCS goes to the account of buyer as income tax(like TDS).
Normally no TDS is applicable on purchases so it is levied as TCS. On such items where the Govt. felt income is escaping assessment levied TCS.
09 January 2015
oookk boss..!!
Thank you soo much....thanks alot..i got it.!!
God Bless u... :)
Thank you soo much....thanks alot..i got it.!!
God Bless u... :)
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