TDS AND TCS
TDS is the tax that is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax that is collected by sellers while selling something to buyers. TDS deduction is applicable on payments such as salaries, rent, professional fee, brokerage, commission, etc.
TDS on Sale of Property in India sec 194IA– A new TDS Section 194-IA of the Income Tax Act was proposed in the finance bill 2013, According to this section…