Interested to Buy Any Domain ? << Click Here >> for more details...
What is the difference between TDS and TCS?
- 24 Answers
- 125666 Views
- Godrej, SSK, TCS, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / ankur sharma
TDS stands for Tax deducted at source which means tax
deducted by the company or other person on which he is
liable to deduct the amount:for example banks is liable to
deduct on amount if given amount is exceed Rs 10000 TCS
stands for Tax collection at source which means tax is
collected by the company on collection of specific amount
thus this is income for the company and deposit this amount
on due date ort before the due date.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / pooja sinha
TDS is not an expense for the employer or a company because it deducted out of the payment would be given to the service provider.
TCS is also not an expense for the company it collected from the sale of Minerals ( like Coal, Iron Ore, etc) & ultimately paid by the consignee.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / k sadashiva
tds means tax deducute some amount from the employee to company
tcs means tax collected from buyer to seller
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / mr.naresh
TDS Means A Person Working In The Some Company He was Gain
Some Amount(Salary), So in This Salary Deducted into Paid to
Govt it is Called TDS.
TCS Called as In the Market A person Buy the Product Who are
Sell the Particular Product Paid on Some amount Called as TCS.
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / kaveri
TDS means Tax Dedected on employees salary and wages, contracters. no any expences.
TCS means tax collected at source. The seller has to collect tax from the payer who has purchers any items.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / bharath chowdary
TDS means the service provider liable to deducts a part of amount based on the applicable tax rates from the service receiver and also that deducted amount liable to pay to the tax government with in a due date i.e.,7th of the next monhth.
TCS means the tax collected from the buyer by seller for meeting the expenses met by him on that service or product.The collected person also liable to paid to that amount to tax department with in a due date or he may pay before the due date.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / pramod
TDS means (TAX deducted at source) the amount of tax paid on payment which is deducted from other's while making payment (when the payment exceeds the limit
).
Where as TCS means (Tax collected at source)amount of tax collected on suplly of goods which is collected from othre's while supplying goods.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / jaiveer singh rawat
TCS is the tax levied on goods which is specified under section 206C of the income tax act 1961.(at the time of purchase of goods).
TDS is the tax levied on services.at the time of making payments of service such as salary,rent,professional fees commission on lottery tickets etc.....
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / micky
TDS- tax deducted at source. tds paid by emoloyer in the salary of employee.e.g if employee salary is 250000 then employer deduct 10% tds on salary and remaining amount paid to the employee.
TCS- tax collected a source. tcs is collected by seller from the buyer at the time of sale of specified goods. e.g tenduleaves,scrap,parking lot etc.
tds and tcs paid to the govt.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / neeraj airan
TDS -a method of collecting tax on the behalf of individual or other by the person who give this income.Either this income can be in the form of Rent ,Salary or Interest.
TCS- a technique in which tax gets collected by the seller of some specific goods like liquor, forest goods etc .
The main difference is that TDS covered the income so that tax on them can directly go to the deptt. in the previous year but aim of TCS is that the income on which tax cannot be deducted by TDS or paid by advance tax can get paid by the customers of liquor and others.
| Is This Answer Correct ? | 1 Yes | 0 No |
WHAT IS THE LAST DATE FOR PAYMENT OF TAX OF EXCISE DUTY IN CASE OF ( SSI ) UNIT .
HOW CALCULATE PARTERNERSHIP FIRM INCOME TAX ON NET PROFIT.
WHAT IS MAT
In the Balance sheet of a company you see the following details, Liabilities: Provision for tax - AY 2008-09 RS 200000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 Assets: Advance Tax- AY 2008-09 RS 150000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 On 15-03-2011, the assessment order for AY2008-09 was received and the final tax liability was stated to be RS 250000. Pass the journal entry for the closing of the relevant accounts in the books for the AY 2008-09.
Is there any method not to deduct TDS on Provisons?
wats the journal entry for payament of Company's Income Tax & under what head does income tax comes in TAlly
WE purchase Firewell for our office Rs.26500/- the vendor charge 5% vat on 26500=1325 and S.Tax 14.5% on 26500/- =3843 is it is possible please clarify
What is GST..?
procedure to vat assessment?
come'?
What items come under deferred tax liability?
I have doubt on Input VAT & Output VAT (incoming vat / outgoing vat) I have a HMS software, where we have interface to tally erp. When we import the transactions to Tally from HMS (Hospital Management System) All the purchases what we do for a period, the tax paid on these purchase are showing as out going vat. Similarly when we do the sales of those purchased items through HMS, tax collected from customer is showing as incoming vat. Is these are correct terms what they had mentioned in HMS? Please help me out.
Audit 
