Important Differences between TDS and TCS

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Difference Between TDS AND TCS BASICS TDS Full form Tax Deducted At Source TCS This Tax is Deducted on Certain Expenses and Payments There are 2 Parties Deductor and Deductee It is Paid by Deductor to Govt Full form Tax Deducted At Source This Tax is Deducted on Certain Expenses and Payments There are 2 Parties Deductor and Deductee It is Paid by Collector to Govt teachoo.com Difference Between TDS AND TCS CHALLAN TDS TDS Challan Form is Challan 281 TCS Due Date is 7th of Next Month (Except March) Different Challans for Different Sections 194I/194J/194H etc TCS Challan is also Challan 281 Due Date is 7th of Next Month (Always) Only 1 Section (Section 206C) But Different Codes for Diff Types of TCS teachoo.com Difference Between TDS AND TCS RETURN TDS TCS TDS Return is Form 24Q For Salary Form 26Q For Non Salary Form 27EQ For Non Residents TCS Return is Form 27EQ TDS Return Due Date Apr June July Sep Oct Dec Jan Mar 31 July 31 Oct 31 Jan 31 May TDS Return Due Date Apr June July Sep Oct Dec Jan Mar 15 July 15 Oct 15 Jan 15 May (Normally 31 Days from end of Quarter except Last Quarter) (Normally 15 Days from end of Qtr except Last Quarter) teachoo.com Difference Between TDS AND TCS CERTIFICATE TDS TDS Certificate is Given by Deductior to Deductee TCS TCS Certificate Form No is Form 16 For TDS Salary Form 16A For TDS Non Salary Due Date For TDS Certificate is 15 Days from Return Filing Date TDS Certificate is Given by Deductior to Deductee TCS Certificate Form No is Form 27D Due Date For TDS Certificate is 15 Days from Return Filing Date Difference Between TDS AND TCS IF NO PAN NO TDS IF No Pan Number TDS Deducted Normally at 20% TCS IF No Pan Number TCS Deducted at Double of TCS Rate AND 5% which ever is Higher If TCS Rate is 1% and Pan Not Given TCS Deducted at 2% or 5% which is higher = If TCS Rate is 1% and Pan Not Given TCS Deducted at 2% or 5% which is higher=5%