TDS vs TCS Explained: How Tax Collection Works And Why Taxpayers Should Know
Understanding the difference between TDS and TCS is important for taxpayers managing their finances. Alok Agrawal, Partner, Deloitte India, explains that while TDS has existed for decades and is deducted on various incomes, TCS is collected on specific transactions like foreign remittances and overseas tour packages. He explains that TCS is not an additional cost but a tax credit that can be adjusted against the final tax liability. Taxpayers can also share TCS details with employers to adjust TDS deductions. This guide explains how TCS works, when it applies, and why taxpayers should track it.
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