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TDS (tax deducted at source) is tax that the payer deducts from certain payments, such as salary, professional fees or rent, before paying the rest to the recipient. TCS (tax collected at source) is tax that the seller collects from the buyer on top of the sale price for specified goods or transactions.
In both cases the amount is deposited with the government and the person it was taken from can claim credit for it in their own income tax return, where it appears in Form 26AS and AIS. Rates and thresholds depend on the type of payment or goods, so check the current rate for your case with your CA.
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