But apart from direct taxes, like income tax, which is directly paid to the tax department by the taxpayer, there are other indirect taxes too. TDS and TCS are two of the biggest examples.
If you’re a tax deductor or collector as per the IT Act, ensure that you collect and deposit the tax amount with the government as per the regulations to avoid penalties and other legal consequences.
But these two taxes are often confused with each other as they are both applicable to the source of income. However, these two indirect taxes are very different from each other. Take a look-
1. The DefinitionTDS or Tax Deducted at Source is a type of tax deducted by a payer when a certain payment is made to someone above a certain threshold. This payment can be in the form of salaries, interest, rent, professional fees, brokerage, commission, winnings, etc.
TCS or Tax Collected at Source, on the other hand, is a type of indirect tax that is collected by a seller from the buyer when the latter makes any purchase from the former. According to the IT Act, there are only certain goods such as scrap, timber wood, minerals, etc. on which TCS is applicable.
2. Who is Responsible for Deducting or Collecting the Tax at SourceTDS is deducted by the person making any kind of payment covered under the gamut of this indirect tax. It is the responsibility of this person to deduct TDS from the payment amount and then deposit the same with the tax department.
Similarly, the person selling the product covered under the gamut of TCS collects this indirect tax and deposits the same with the tax department.
3. What is the Tax Rate?Another significant difference between TDS and TCS is the tax rate. With TDS, the tax rate varies based on the type of payment being made. Similarly, with TCS, the tax rate varies based on the type of product being sold.
A few examples of TDS rates are as follows-
|Payment Type||TDS Rate|
|Salaries||As per the income tax slab|
|Rent above Rs. 2.4 lakhs paid for building, land, machinery, or plant||10% for building and land, 2% for machinery and plant|
|Single payment of Rs. 30,000 or aggregate payment of above Rs. 1 lakh to a contractor||1% for individuals and HUF, 2% for others|
|Purchase of immovable property above Rs. 50 lakhs||1%|
|Horse race, lottery, or crossword puzzle winnings above Rs. 10,000||30%|
A few examples of TCS rates are as follows-
|Product Type||TCS Rate|
|Alcohol or liquor||1%|
|Timber wood from a leased forest||2.5%|
|Purchase of motor vehicle above Rs. 10 lakhs||1%|
4. What is the Due Date for Depositing the Tax Deducted or CollectedIt is mandatory for the TDS deductor to deposit the tax amount with the tax department every month. In most cases, the due date is the 7th day of the following month in which the tax is deducted. There are a few exceptions in some cases.
Similarly, TCS should be deposited by the seller within the first 7 days of the following month in which the tax was collected. Moreover, the seller also has to mandatorily submit quarterly TCS return.
5. What is the Penalty for Not Depositing TDS or TCS with the Tax Department?If a deductor fails to deposit the TDS amount with the tax department within the prescribed due date, a penalty of 1.5% (simple interest) per month will be applicable on the tax amount. If the deductor fails to deduct TDS from the payment, a penalty of 1% per month will be applicable.
For TCS, the non-payment or late payment penalty is 1% of the tax amount. In both cases, persistent offenders might have other legal consequences and can also be imprisoned for up to 7 years.
Understanding TDS and TCSNow that you know some of the biggest differences between TDS and TCS, you might have understood that they’re not the same. Right from their applicability to their tax rate, there are some significant differences between the two even though both are deducted/collected at the source of income.
If you’re a tax deductor or collector as per the IT Act, ensure that you collect and deposit the tax amount with the government as per the regulations to avoid penalties and other legal consequences.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Aditya Birla Capital (‘the Brand’) is the single brand for financial services business of Aditya Birla Group. The trade logo “Aditya Birla Capital” and the URL www.adityabirlacapital.com is owned by Aditya Birla Management Corporation Private Limited (trade mark owner) and the same is used herein under the License by Aditya Birla Capital Limited (ABCL) and its subsidiary companies (collectively hereinafter referred to as “ABC Companies”). Aditya Birla Capital Limited is the holding company of all financial services businesses.
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If you come across any breaches/violation or offensive material you must report to us at email@example.com
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The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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