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What is difference between TDS & TCS? TDS Online Payment.  

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(@dheeraj)
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Joined:1 year  ago
Posts: 65
September 11, 2017 1:52 pm  

Difference between TDS & TCS.

TDS = Tax Deducted at Source i.e. deducted by PAYER or BUYER. e.g. Employer making salary payment or buyer of immovable property or person paying interest or commission or rent would deduct TDS and pay to the IT department.

TCS = Tax Collected at Source i.e. collected by RECEIVER or PAYEE or SELLER. e.g. Jeweller selling jewellery would collect TCS and pay to the IT department.

TDS Calculation

Payments such as salaries, interest payment, commission, fees to lawyers and freelancers etc. are subject to TDS. For salaries, the percentage of TDS will be based on income slabs rates. Similarly, each type of income has its own percentage of tax that is calculated when the amount meets certain limit.

TDS Online Payment

 

TDS Online Payment  - https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp


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(@dheeraj)
Member
Joined:1 year  ago
Posts: 65
December 21, 2017 11:49 am  

TCS- Tac Collected at Soucre is income for the company, it is collected from others when you sell specified items e.g scrap, timber, direst products etc. No specified limit in case of TCS like in TDS.

Tax Collected at Source on scrap.


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