Answer / raju

TDS(Tax duduction @ source) is tax deducted from partys &
the amount paid to the concern tax dept but TCS(Tax
Collection@ Source) is collected from partys & taken them
selves..


For Ex; TDS will be deducted from Lessor based on rent &
%,Contracter, Consultants etc..


TCS is colleceted from companys like Royaty paid to govt for
doing some work(mining)..

Answer / kusum

Tds means tax deduction at source tds amount is deducted
from the amount of income. For eg: if I want pay rent to
arush & Co. Rs.20000 so I am not paid full Rs.20000 to
arush & co. I am pay the amount to arush & co. after the
tax amount deduct.
Tcs means tax collection at source tax is collected by the
person who pay expense & in case of tds tax is deducted by
the person who is taking income

Suppose a person is paid @ Rs.1 Lac Per Month for 2 months by the Owner/Director prior to the Company's incorporation for Managerial work and that person continues to work with the Company . Is the Director liable to deduct TDS on his Employee's Salary before incorporation also? And when the Company is incorporated after 2 months, Is it possible to show this expenses as Pre-incorporation Expenses?.What would be treatment for Salary Paid and TDS Deducted when the Company is incorporated? How will we give TDS Certificate to the Employee at the end of the Financial Year?

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