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What is TCS?
Are the rates of TDS and TCS same??
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Answer / ramamurthy
TCS means tax collection at source which is liable on sales
of scrape (which is not useable).
Rate of TCS is 1% and 3% cess of the income is not greater
than 1 crore & 1% TCS 10% surcharge and 3% Cess ifincoem is
more than 1 crore.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / sujendra
TCS stands for tax collection at source. In case of profits
and gains from the business of trading in alcoholic liquor,
forest produce, scrap etc. u/s 206C(1) of the Income Tax
Act, 1961 seller is required to collect the income tax from
the buyer as per the specified rates either at the time of
receipt of such amount or at the time of debiting amount
payable by the buyer to his concerned account.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ashutosh verma (nanku)
The seller has collect the tax from the payer who has
purchased the following items :-
1-Tandu leaves
2-Scrap Materials
3-Alcholic liquor
4-.Any other forest
produce [not being
timber or tendu leaves
5-.Timber obtained by
any mode other than
under a forest Lease ...E.t.c
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / switi dangi
Tds and Tcs are direct tax. the full form of tds tax
deduction at source, tcs : tax collection at source. tha
rates of tds & tcs are same.
| Is This Answer Correct ? | 3 Yes | 5 No |
Answer / reema patel
tds stands for tax deducted at source
tcs stands tax colection at source
tcs is collected by the payer at the time of crediting the
account or payment whichever is earlier
| Is This Answer Correct ? | 4 Yes | 9 No |
Answer / raghavendra g
tds and tcs same but differnce is more tds is deducted more
item but tcs collect only three items
| Is This Answer Correct ? | 2 Yes | 9 No |
Answer / vinod
TDS STANDS FOR TAX DEDUCTED AT SOURCE
TCS STANDS FOR TAX COLLECTION ATA SOURCE
TCS LEVIED ON MAINLY ON SCRAP AT THE RATE OF 1%
TDS DEDUCTED ON MAKING PAYMENT
TCS DED AT RECEIVING RECEIPT
ALMOST THE RATE OF TDS AND TCS ARE SAME
| Is This Answer Correct ? | 2 Yes | 14 No |
Answer / nadeem
tds and tcs are not same. tsd is charged on the payments
and tcs is charged on the scrap.
| Is This Answer Correct ? | 4 Yes | 17 No |
Answer / naina jain
TCS means Tax Collection Source that have to collect from
others who have deducted the tds.
Rates of TDS & TCS are same.
There are different categoric like
sub-contractor,contractor,rental, professional,
consultant...etc for each category rates are different.Rates
are divided category wise for both tds & tcs.
| Is This Answer Correct ? | 85 Yes | 108 No |
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Audit 
