WebMar 23, 2024 · The provisions of the TDS apply to transactions including professional fees, brokerage, salary, rent, etc. Whereas; TCS covers sales transactions related to scrap, liquor, minerals, scrap, and so on. Transaction limit: According to section 194Q, TDS is levied on the purchase of goods worth ₹50 lakhs or more. WebFeb 28, 2024 · TDS is deducted at various rates depending on your income source, ranging from 1% to 30%. The person responsible for deducting tax must deduct tax at source at reasonable rates and deposit the collected sum to the account of the Indian government. Tax Collected at Source is the full version of TCS. The seller is responsible for paying …
Difference between TDS & TCS with simple example
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 ... WebMar 23, 2024 · Whereas, in the context of TCS, section 206C (1H) states that the seller must collect TCS if the sales transaction exceeds ₹50 lakhs. Rates: If the transaction value … change into indirect speech questions
Difference Between TDS and TCS – A Complete Guide
WebNov 22, 2024 · 1. TCS is the tax that is gathered from the buyer at the time of the sale by the seller. TDS is Tax Deducted at Source when a payment exceeds a government-determined threshold limit in any business or … WebNov 18, 2024 · Another significant difference between TDS and TCS is the tax rate. With TDS, the tax rate varies based on the type of payment being made. Similarly, with TCS, … WebInvesting in life insurance for example can help in deducting tax burden. TDS is a sum deducted as tax from the recipient’s income. TCS is a sum that the seller or business collects as tax. If you still have questions … hard rock stadium seating chart 3d