TDS vs TCS | Explanation With Real Life Example | Income Tax

Under the roof of income tax, the total income of an assessee for the previous year is taxable in the Year of assessment. Such a levy of tax become the primary source of income for the government. Several provisions are provided in the Act through which one can recover tax on their income in the prior year. It can be done through #TDSandTCS i.e. Tax Deducted at Source and Tax Collected at Source.

#TDS and #TCS refers to obligation that is deducted during the payment takes place or received, and deposited to the Department of #Incometax. Both of term have significant difference.

In this video you should learn about the differrence and similarity between TDS and TCS. If you want to know often get confused by these two terms that is TDS ( ie: Tax deducted at source) and TCS ( ie: Tax collected at source), then you are watching right video Watch the video till the end to have a clear concept about these two terms.

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