What is difference tds & tcs

akhlesh sharma (Querist) 04 April 2012 This query is : Resolved
sir,

What Difference TDS & TCS

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Sailesh Kumar Shah (Expert) 04 April 2012
TDS means TAX Deducted at source.
TCS means Tax Collection at source.

TDS deducted on services.
TCS Collected on Goods sold.

Raj Kumar Makkad (Expert) 04 April 2012
Well replied by Shah.

V R SHROFF (Expert) 05 April 2012
nothing to add, as Adv Shah clearly explained.

C. P. CHUGH (Expert) 07 April 2012
While Section 201 cast an obligation on a person to deduct tax on certain specified payments as per the provision of chapter XVII of the Act, Section 206 cast obligation to collect Tax on sale of certan goods such as Forest Wood, Scrap, Alocohal and also collect tax on certain services such as Toll Plaza, Parking Lot etc.

Hope you understand the difference between two.

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What is difference tds & tcs

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