TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which iscollectedby sellers while selling something to buyers. ... TCS deduction is applicable on sales of goods like timber, scrap, mineral wood...
Value that GST TCS must be deducted onFor the deduction of TCS, the net value of taxable supplies from another supplier is considered when the tax that must be collected is calculated. If the invoice value includes GST, the tax amount can be excluded....
One of the standout advantages of the TDS system is its seamless integration with the electronic ledger. As soon as the deduction occurs, your ledger gets updated in real-time, reflecting the credited amount. This efficient process allows you to use the credited sum conveniently for various tax...
The Tax Deduction Account Number (TAN) is a 10-digit alphanumeric identity number. It is issued to the deductor or the party that collects the TCS. To get the TAN number, apply on the official website separately, or visit a Facilitation Centre of the Tax Information Network (TIN) ...
Remitting the Accumulated Tax Amount:For depositing the collected TCS amount with the government on behalf of the seller typically on a monthly or quarterly grounds the platform is liable. Influence on Merchants:Although the initial deduction may appear inconvenient, sellers can recover the TCS amount...
Issue a certificate of TDS to the deductee within 5 days of deducting TDS mentioning therein the contract value, rate of deduction, amount deducted, and the amount paid to the appropriate Government and such particulars as may be prescribed. If any deductor fails to furnish to the deductee ...
The details required to be mentioned on the certificate is the contract value, rate of deduction, the amount deducted and the amount paid to the Government. The amount which has been deducted by the deductee shall be paid to the Government within ten days of the month in which the ...
e-TDS/TCS return has to be prepared in the data format issued by e-Filing Administrator. This is available on the Income Tax Department website and NSDL-TIN website
The amount collected by an ecommerce operator as GST TCS must be remitted with the Government before 10 days after the end of the month in which the particular amount was collected. This exercise allows the government to track non-reporting of sales transactions by E-commerce sellers. E.g....
15. Taxes 15.1 If You are required to deduct any Tax from a payment to Us, You must increase the amount payable so that We receive the amount We would have received if no deduction had been required. 15.2 If We are required to deduct any Tax from a payment to You, We do not have...