TDS And TCS Return Filings

TCS and TDS are two of the most commonly used words when we talk about taxation. In the field of tax, TDS stands for Tax Deducted at Source while TCS stands for Tax Collected at Source. When they sound almost identical, you must be wondering how they actually differ. Also, when the Government works on a self-assessment model of tax, why do TDS and TCS come into play?

  •  Statement of deduction of tax at source from salary under section 192.
  •  Statement of deduction of tax at source on all payments other than salaries.
  •  Statement of deduction of tax on payment of interest, dividends, or any other sum payable to non-residents.
  •  Challan-cum-statement in case tax has been deducted under section 194-IA. In this case, no statement shall be filed separately.
  •  Challan-cum-statement in case tax has been deducted under section 194-IB. In this case, no statement shall be filed separately.
  •  Challan-cum-statement in case tax has been deducted under section 194-M. In this case, no statement shall be filed separately.
  •  Statement of collection of tax at source to be filed quarterly with the Government.
  •  Statement of collection of tax at source issued to the buyer by the tax collector to the effect that tax has been collected.