TDS and TCS are two different types of taxes which are imposed on individuals and companies. TDS is Tax Deducted at Source while TCS is Tax Collected at Source. Both these taxes are applicable to income earned by an individual or company in India. The main difference between the two lies in the manner in which they are collected and who collects them.
About Difference Between Tds And Tcs
|Tax Deducted at Source||Tax Collected at Source|
|Deduced by payer||Collected by seller|
|Payer pays to Govt.||Seller deposits with Govt.|
|Applicable on payments made||Applicable on sales made|
|Not applicable on export of goods/services||Applicable on export of goods/services|
|Applicable for income tax||Applicable for indirect taxes|