Dear all !
in the Income Tax PCC Exam November, 2009 : there was a question on difference between TDS & TCS !
let me knw wat was its answer !
please describe if u can !
3 Replies
CA Raghavender
(CHARTERED ACCOUNTANT)
(305 Points)
Replied 17 November 2009
TDS/TCS: In case of certain incomes/payments, tax is deducted at source by the payer at the prescribed rate at the time of accrual or payment of such incomes to the payee. Similarly, in certain cases, tax is collected at source by the seller from buyer or a person from his licencee/lessee, etc.at the time of debiting the amount to account of the buyer/licencee/lessee or the receipt of payment whichever is earlier.
In simple TDS deducted from payment and TCS Collected along with receipt.
ok
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 18 November 2009
TDS : tax deduction at source
TCS : tax collection at source
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 19 November 2009
thanks raghu !
i was jus confirming my answer that i hav given in exams !
thanx once again !
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