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What is the full form of TDS & TCS
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Answer Posted / naveen
TDS - Tax Deducted at Source
TCS - Tax Collected at Source
| Is This Answer Correct ? | 70 Yes | 8 No |
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If a person got gold by wining a lottery and TDS on the gold value was not deducted by the deductor. After getting the gold, the person tranfer the gold to his daughter. After reading the provisions of the Income Tax Act, 1961, you are required to state that who is liable to pay the tax on the value of the gold? and is there any liability of the Deductor towards non-deduction of TDS?
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