TDS / TCS difference
This query is : Resolved
07 August 2008
Can anyone please let me know the difference between TDS and TCS with respect to nature of payments , due date of payments to IT dept. ,rates, returns, issue of certificates like form 16A etc.
Thanks.
Thanks.
07 August 2008
TDS is applicable when the assessee pays money to another person.
TCS is applicable when the assessee receives income from another person.
TCS is applicable when the assessee receives income from another person.
07 August 2008
Thanks for your response sir.
Regarding TCS:
Is the person receiving income should also collect tax OVER AND ABOVE his income and pay it to IT dept OR should he pay tax from the income he has received?
Regarding TCS:
Is the person receiving income should also collect tax OVER AND ABOVE his income and pay it to IT dept OR should he pay tax from the income he has received?
07 August 2008
The TCS is on the income. Therefore it is over and above the agreed income between the parties.
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