WebApr 1, 2024 · Difference between these two sections: –. 1. TCS is on Seller, whereas TDS is on Buyer. 2. TCS is on Sale, Whereas TDS is on Purchase. 3. TCS is on Recipit, whereas TDS is on Payment. 4. TDS applicable even if amount transferred to suspence account. WebApr 4, 2024 · When the transaction involves more than Rs. 2 lacks, TCS is applicable. The TCS rate varies based on the kind of goods or services, from 0.1% to 10%. Major Difference Between TDS and TCS in Income Tax. Taxpayers in India have access to two taxes systems i.e TCS and TDS.
TDS vs TCS Simplest Explanation With Example Income Tax
WebAug 12, 2024 · TDS is an indirect tax deducted from the incomes when the income is received. TCS is a form of income tax collected by the seller from the customer at the point of sale for certain specific items. TDS is taken off from the worker community. TCS is collected by the retailer. TDS is collected on income, dividends and steadfast property. WebNov 28, 2024 · The tax collection rate (TCS) for the sale of goods is 0.1% of the sale sum exceeding Rs. 50 lakhs. TDS is deducted whenever a payment is due or made, whichever is earlier. TCS is collected by the seller at the … space saving kitchen cabinet solutions
5 Difference Between TDS and TCS: Examples & Legal Repercussi…
WebNov 11, 2024 · The most important difference between TDS and TCS is that Tax deduction at source (TDS) occurs at the time of making … WebMonitoring unpaid TDS/ TCS payment challan status and working closely with the relevant stakeholders for utilization thereof. Assistance to the Tax manager with implementation of TDS/ TCS changes in ERP used, monitor changes in the tax law and keep the Tax Manager informed. Educational Details: CA Inter. City: Mumbai. State: Maharashtra ... WebJan 16, 2024 · The key differences between TDS and TDC are. For purchases of goods, the tax deduction rate (TDS) is 0.1% of the amount over ₹50 lakhs. For the sale of … space saving ideas for utensils