Hi.. I'm a li'l confused bout this TDS and TCS.. Could anyone please differentiate dem both and explain dem..?!
Menu
TDS/TCS
Replies (1)
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.
Recent Topic
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
- Gold/silver etf. STCG. how to decalre in ITR at s
- ITR-2 : cash income that does not fall under any h
Related Topics
CAclubindia
