There are two button in Tally's statutory and taxation feature one is for TDS and other is for TCS, So, there are facility for using both facilities you have to write yes in both button because both are different from accounting point of viewģ.But many other cases when company received certain amount, at this time tax amount is collected from employee and so it becomes TCS, Suppose, if company sells forest products and gets money with tax collected at source, this is the part of revenue. But there are also other payments like interest or commission on sale lottery tickets or brokerage or payment to contractor and subcontractor etc. It is also duty of employer to deposit this amount to the specific bank which is authorised by Income tax department. When company pays salary, all salary is not given to employee but company's employer deducts tax from this payment, so tds is also part of company's expenses. When an employee gets salary, it is duty of employer to deduct tds from his salary and deposit it in the account of Govt. One of main example of TDS is amount of tax deducted from employee's salary. TDS means tax deducted at source and TCS means tax collected at source.Both are the statutory and taxation feature and both is used pursuance of the provision of TDS rules and TCS rules of income tax act 1961. If you are operating tally 9 at its advance level, then you have already known what is the difference between TDS and TCS.
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