Yes, friends, how are you all? Good morning, good evening,
good afternoon.
Whoever is watching me at this time, my heartiest greetings
to them.
Friends, how are you all?
Friends, it is a great achievement of ours that the topic
of TDS, which was such a big topic, we finished it in a
snap of fingers.
Sir, the topic of advance tax, we covered in the last
lecture, that what is advance tax, how to pay it, how we
estimate our income and pay our tax on it.
Sir, today is a new day, a new lecture, a new morning.
Sir, all the new mornings, every day is a new morning.
Every day the sun rises and that new morning brings a new
hope with it that whatever happened, whatever happened in
the whole day yesterday, good or bad, it was up to there,
leave it there.
You were unsuccessful, you were successful, leave it up to
there.
Today is a new morning, start it in a new way.
It is possible that in the last lecture you have not
understood something, leave it there, pause it there.
Today I will cover a new topic, read it carefully.
If you keep thinking the same, you will miss this also.
Read this carefully, when this topic is over, revise it.
It is not a big thing.
Sir, every day is a new morning, every day the sun rises
and it brings a new ray of hope that you will work harder
than yesterday and you will be better than yesterday.
Keep improving little by little in your life, friends.
You will improve on a daily basis, you have only 2-3 years.
This age from 18 to 24-25 is such that you can make your
future better and you can finish your future forever.
Now it is up to you what you have to do in life.
So never be afraid of hard work.
It is a new day, start it in a new way.
Come with me.
Come on guys, enough of motivation, come with me.
Sir, today I have to cover a topic.
The last topic is TCS.
TCS.
Sir, you talked about TDS.
You talked about TDS.
Tax Deducted At Source.
Now what is this new thing?
What is this TCS?
Till now we were listening to this only.
Till now we thought that whoever will pay me, it is a part
of my income, he will deduct my tax.
He will deduct my tax and pay me.
But what are you saying?
You are saying Tax Collected At Source.
TCS.
Means Tax Collected At Source.
And what was that?
That was Tax Deducted At Source.
At source only.
From where you used to earn that money, from where you used
to earn that money, the person who used to pay you, he used
to deduct some tax and pay you.
We read this in Tax Deducted At Source.
Your tax was deducted.
It was deducted from the payment.
Now what is this?
This is Tax Collected At Source.
Tax Collected At Source.
What am I saying?
Tax Collected At Source.
I am collecting tax from you.
I am receiving some payment from you.
Think logically.
Here when you used to get Rs.
100, he used to deduct Rs.
1 or Rs.
2 and pay you Rs.
This was the concept.
And he used to deposit this Rs.
2 in your income tax account.
Here what is this?
Tax Collected At Source.
Means, a person, a person, see this is a complete reverse
mechanism.
Complete reverse will work in this.
If you put the reverse gear of the car, here it is deducted
and here it is collected.
The person who is receiving something from you, if he is
receiving, then he will receive a little extra.
If a person is selling you something worth Rs.
100, then in the name of tax, he will collect Rs.
In total, how much will you have to pay?
Rs. 101.
In this case, you were receiving income.
You were receiving income.
But in this case, you are making a payment.
You are making an expense.
Try to understand the difference.
What are the differences?
TDS, TCS.
People lose their lives in understanding the difference.
What is the difference?
Why are we doing this?
When I used to study, even I used to face a lot of problems.
What is the difference between the two?
If there are such provisions, then add it here, in TDS.
In TDS, add a little more provisions.
194P, Q, how much did we study?
N, M.
Add a few more sections.
Take it up to Z.
ZA, ZB.
No, sir.
Try to understand the basic difference.
Here, you are receiving income.
You are receiving income.
So, whoever is in front of you, will pay you after
deducting the tax.
But in this case,
you are paying someone.
You are buying something.
You are paying the person in front of you.
So, add a little more payment in the name of tax.
TCS.
Tax Collected At Source.
Who is collecting this?
Whoever is selling you something, is collecting it from you.
TCS.
You sold something worth Rs.100.
If there is a rate of 1% in TCS, then Rs.101 is being
received from you.
You are being spent.
Here, you had income.
This is the basic difference.
Here, you had income.
Here, you are being spent.
This is the difference between TDS and TCS.
That is why the sections here cannot be brought here.
Because here, it is about income.
Here, it is about expenses.
This is the difference.
The basic concept of TCS is whenever you are paying
someone, and the product you are paying for, if that
product is covered in TCS provisions, then you will have to
pay a little extra in the name of tax.
This is the basic concept.