TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which is collected by sellers while selling something to buyers. It is crucial to keep track of all your taxes. If TDS has been deducted from your income, you can get refunds provided you file returns on time. Imagine the amount of money you would lose with each transaction simply for not filing returns. If you have collected TCS, it should be your priority to deposit the collected TCS with the authorities and ensure smooth and lawful functioning of your trade.
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