• TDS – It is the tax deducted by the payer before making payments such as salary, rent, commission, contractor fees, etc. Businesses and deductors are required to complete online TDS return filing to report these deductions to the Income Tax Department.
• TCS – It is the tax collected by the seller at the time of selling specified goods or providing specified services such as scrap, liquor, minerals, motor vehicles, etc. The collected tax must also be reported to the Income Tax Department as per applicable regulations.