Please Help: TDS and TCS
Posted Date : 06-Jun-2012 , 03:45:37 pm | Posted By Hardik Thakkar
What is the basic diffrence between TDS and TCS for the tax purpose and in real practice?? Is it affect the wrong presentation to the tax authorities??
Category : Income Tax | Answers : 1 | Comments : 1 | Hits : 184
Answers
Answer By: CA Satuti Mahajan
The basic difference is that :\
In TDS, the tax is deducted from the amount to be paid to the contractor/creditor whereas in TCS, the tax is collected from the person to whom the sales is made for the items that are covered under the purview of TCS.
In TDS, the tax is deducted from the amount to be paid to the contractor/creditor whereas in TCS, the tax is collected from the person to whom the sales is made for the items that are covered under the purview of TCS.
Comments
Siddharth Bumb
14-Jun-2012 , 11:23:01 amagree with CA Satuti Mahajan