TCS under Income Tax– Everything you need to know
TCS under Income Tax– Everything you need to know
Dec 2, 2021
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TaxSpanner on Instagram: "💡 Confused between TDS and TCS? You’re not alone! Here’s a quick breakdown 👇 🔹 TDS (Tax Deducted at Source) — Tax deducted by the payer when making certain payments like salary, rent, or contractor payments. 🔹 TCS (Tax Collected at Source) — Tax collected by the seller while receiving payment for certain goods/services such as cars, jewellery, or foreign remittances. In short: 👉 TDS = Tax on income earned 👉 TCS = Tax on expenditure made Stay compliant and file you
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