The Government of India levies and collects the Taxes by various methods and means. TDS and TCS are one of the way through which the Central Government collects the Direct Tax. TDS stands for Tax Deducted at Source whereas TCS refers to be Tax Collected at Source. The concept is structured to collect the taxes at the point of transaction, the system is brought into force in order to reduce the chances of evasion of taxes by the assesse. Here, the tax is withheld/ collected from the assesse or tax payer at the point of transaction itself where the income arises on the transaction.
Read More :- Know the TDS & TCS Provisions after GST enforcement