In order to generate revenue, The Govt of India collects both Direct and Indirect Tax. Direct Tax is the tax which is applicable on the income of assessee and Indirect tax is applicable on sale of goods & services. TDS stands for Tax Deducted at Source & TCS stands for Tax Collected at Source. Difference between TDS & TCS is summarized in a table below:
TCS stands for TAX COLLECTED AT SOURCE. Seller collects tax from buyer. Here Seller is collector and Buyer is collectee. Section 206C governs the collection of tax from buyer. This provision specifies the rates, method of tax collection and deposition and exception to section 206C.
TAX COLLECTED AT SOURCE (TCS) is governed by Section 206C of The Income Tax Act, 1961. Tax collected at source is Tax payable by the seller which he collects from the buyer. The Credit of TCS shall be given to the person to whom it is collected. Vide Finance Act 2020, Govt widen the scope of TCS by introducing section 206C(1H) & 206C(1G).
Tax Collected at Source (TCS) is the tax payable by the seller which he collects from buyer at the time of sale. Tax Collected at source is governed by Section 206C of the Income Tax Act, 1961.Vide Finance Bill 2020, it is proposed to widen the scope of TCS by introducing Section 206C(1H) and Section 206C(1G) for collecting tax on sale of goods by specific seller and for collecting tax on foreign remittance under the Liberalized Remittance Scheme & sale of overseas tour package respectively. Originally it was scheduled to be effective from 1st April 2020 but later on it has been provided that it will be effective from 1st Oct 2020.
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In exercise of the powers conferred by clauses (i), (ii), (iii) and (iv) of first proviso to clause (23C) of section 10, ninth proviso to clause (23C) of section 10, sub-clauses (i) (ii), (iii), (iv), (v) and (vi) of clause (ac) of sub-section (1) of section 12A, sub-section (3) of section 12AB, first and fifth proviso to sub-section (1) of section 35, sub-section (1A) of section 35 , clauses (i), (ii), (iii) and (iv) of first proviso to sub-section (5) of section 80G, third proviso to sub-section (5) of section 80G and clauses (viii) and (ix) of sub-section (5) of section 80G, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962.
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