HI CCI MEMBERS,
GREETINGS FOR THE DAY,
WHAT IS THE DIFFERENCE BETWEEN TDS AND TCS GIVE WITH EXAMPLES.
THANKS IN ADVANCE.
2 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 08 February 2013
TDS means you are deducting tax at source i.e. the collection of tax is deferred. for instance when you deduct tax it is credited to teh TDS account but the actual pymt is made at a later date.
whereas in case of TCS, tax itself is collected at source .i.e. actual money is recd at source itself.
Rajesh
(Service )
(7576 Points)
Replied 09 February 2013
TDS is deducteable in case there are any payment of Rent, Professional fees, contract, Brokerage, Interest etc as per IT dept rules & rates.
As per section 206C ,tax is to collected on sale also by buyer for specified goods like 1. Alcoholic Liquor for human consumption 2. Tendu Leaves 3.Timber obtained under a forest lease 4.Timber obtained by any other mode as per rates described by IT Dept.
You have to file seperate return for TDS & TCS also.
Rajesh
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