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hi Difference between tds and tcs and its uses in which types of firms and what is mat the govt in budget increases mat 15% what is the meaning of mat and what types of comapanies use it.
From India , Dehra Dun
TDS (Tax deducted at source) is deducted on expenses like-Rent, contractors bill (Transport, Advertising etc), Professional fees, Salary etc payment.
TCS (Tax collected at source) is deducted on income like By product sale, scrap sale, If the company is selling by product for Rs.100 & TCS rate is 10% the company will collect 110 from the buyer & pay Rs10 to TCS a/c.
MAT is Minimum alternate tax, when the company is occurred loss due to depreciation & if we are not considerating depreciation in P&L then it is showing profit & it is more than 10% of book profit then the company has to pay MAT (current rate is 15%) instead of loss.

From India , Thana
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