Let’s use an example to further understand. Abhinav buys a car worth Rs 20 lakhs from a popular luxury car manufacturer. The car manufacturer, according to the rates set down by the Income Tax Department, has to impose an additional 1% tax on top of the price of the car. Easy TCS wi...
Examples of TDS and TCS Difference between TDS and TCS Failure to Deposit TDS or TCS with the Government TDS and TCS under GST Frequently Asked Questions What is TDS? TDS stands for Tax Deducted (or withheld) at Source. As per Section 194Q, the income tax department mandates any company ...
Knowledge and reasoning layer: This set of functions can be likened to the intelligence of the system, gathering information from various sources in the city, and then searching for meaning in the large amount of data. The knowledge that is gained through this reasoning is collected in a ...
the tax on income is charged in advance, rather than on a later date and the recipient get the net amount, i.e. after TDS. Some examples of expenses for which TDS is charged are salary, casual income, interest on securities