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Tcs

Rajesh Raman ( ) (292 Points)

05 April 2012

- WHAT IS TCS
- DIFFERENCE BETWEEN TDS AND TCS
- ASSESEES TO WHOM ATTRACT TCS
- WHICH OF THE SITUATION ATTRACT TCS
- RATES OF TCS

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1 Replies

Member (Management) (325 Points)
Replied 05 April 2012

It should be obvious. As the name says, Tax Deduction means that you take out a part of the money which you are going to give the payee. On the other hand, if it is tax collection, it means that you have to collect the tax from the person i.e from the payer since you are the payee. For instance, if you are paying your CA Rs.25000, you have to deduct TDS @ 10% + Cess and pay him only the balance. On the other hand, you are selling scrap and the buyer pays you Rs.25000, then he has to pay an extra 1% to you over and above the Rs.25000. In both the cases, the responsibility is on you to pay the tax deducted / collected to the Government on the other person's behalf.