What is the difference between TDS & TCS ?

Answer 1

TDS stands for Tax Deducted at source, while
TCS stands for Tata Consultancy Services.

No connection between the two

Answer 2

TDS is Tax deducted at source. This is deducted by a person who is making the payment. Eg. A has given a service to B and B has to make a payment to A. Now instead of making the full payment, B will deduct the tax and only remit the balance to A. This is Tax Deducted at Source.

TCS: There are certain specified items where the govt has given the responsibility of the collection of tax on the person giving the service. In the above eg, A will apart from his dues, also collect the tax amount from B. This is TAX Collected at source.

Answer 3

TDS : Aper IT Act 1961, every employer should deduct the following Taxes considering various works / services being hired while settling the Bills. TDS: Tax deducted at Source: Employees on salaries & Wages sec 192 Contractors including labour and materials/ profession services / rents / commissions or brokerage Sec 194 TCS: Tax collected at Source: Tax is to be collected on sale of certain items like scrap etc. which involves trading activity and shall be payable to IT Department. VAT: is a Value Added Tax which comes under Commercial Tax Dept on sale of various materials. There is WCT: Works Contract Act which also comes under Commercial Tax Department. It is payable on all contracts which includes both supply of material and labour. This is a per my knlowledge.

Answer 4

There are some items of payments -like contractual payments , rent or interests , technical fees to professional etc where the PAYER has to deduct tax at specified rate and deposit the tax to govt . This is mandatory under I T Act. This is called Tax deduction at Source [TDS]

In some cases , the receiver of the payment i.e SELLER has to collect tax at source. For example , if a liquor vendor buys Liquor , the Seller will COLLECT tax at Source.In case of Scrap or BIDI purchase also , TCS is called by SELLER of the products.That is called TCS

Answer 5

TDS stands for Tax Deducted at source, while
TCS stands for Tata Consultancy Services.

No connection between the two

Answer 6

Tax Deduction at Source

Here you'll find lots of information on TDS, like how to get a TAN, How to file your TDS return,Rates of Deduction, When to Deduct, Where to Deposit, Information on exemption from TDS, Time of deposit, NOC, etc.



TCS: PROPERTY TAX

In the Clear
With property taxes accounting for nearly forty percent (38%) of non-federal tax dollars paid by companies, focus on property tax compliance is now of critical importance.

The idea of paying taxes and sorting through taxation rules and regulations already brings about many feelings of discomfort. Add to this the notion of surprise - of finding out that you are accountable for filing and paying taxes in multiple states, none of which you have been filing in.

The lack of clarity of property tax regulations in the telecom industry, as well as an increasing trend toward arbitrary auditing and assessment of telecom firms, often resulting in fines and penalties,

Answer 7

there is no difference both are taxes
one is collected by banks or insurance companies TDS
the other is collected by recovery officers or IT officers

you must have given the full form most of the yahoo answerer's confused

tds is tax and tcs is company

Answer 8

TDS DENOTES TAX DEDUCTED AT SOURCES
TCS DENOTES TAX COLLECTION AT SOURCES
Pradip
Khargar,Bombay