Hi.. I'm a li'l confused bout this TDS and TCS.. Could anyone please differentiate dem both and explain dem..?!
1 Replies
CA Sidhi Gaur
(Chartered Accountant)
(247 Points)
Replied 07 November 2009
TDS is tax deducted at source where as TCS is tax collected at source.
Whenever any person makes u a payment ( int,,comm.,fees etc.) covered under IT tds provisions then he wl deduct a prescribed % of TDS while crediting it to ur account or making payment whichever is earlier.
while in TCS, the seller wl collect tax (under sec 206C) from u and deposit it wid the central govt.
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