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What is the difference between TDS and TCS?
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Answer Posted / 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.
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