Understanding the Unique Roles of TDS and TCS in Indian Tax Collection | Tax Professional Blogs | Scoop.it
From saginfotech.wikidot.com - October 28, 2023 6:12 AM

TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) play vital roles in India's taxation system, each contributing uniquely to the tax collection process. These responsibilities involve remitting taxes to the government through the deductor and collector. Income recipients can claim credits for the TDS or TCS deducted/collected when filing their Income Tax Return (ITR). Timely deduction or collection is imperative for adhering to tax regulations, as non-compliance can lead to penalties. Let's explore the significant differences between TDS and TCS.