TDS and FBT
This query is : Resolved
02 June 2009
What is TDS,TCS and FBT. Wht is the difference between TDS and TCS.
02 June 2009
TDS is the abbreviation fot Tax Deducted at Source coming under Chapter XVII OF THE INCOME TAX ACT 1961 TCS is tha abbreviation for Tax Collected at Source under section 206C.FBT is the abbreviation fot Fringe Benefit Tax under Chapter XIIH of the Income Tax Act 1961 You can go through the sections and note the difference between TDS and TCS both are indentical only TCS is related to the sale of certain specific items
02 June 2009
TDS-Tax deducted at source- When we pay advance to supplier for freight,rent,commission or book expenses,have to deduct TDS .
TCS-Tax collection at source-When we sale scrap ,have to deduct TDS
FBT-Fringe benifit tax- When we give fringe benifits,have to paid FBT
TCS-Tax collection at source-When we sale scrap ,have to deduct TDS
FBT-Fringe benifit tax- When we give fringe benifits,have to paid FBT
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