Quick Summary
From October 1, 2024, the government mandated employers to consider the TDS/TCS deducted on non-salary income when computing TDS on salary. This adjustment aims to reduce the excessive TDS deductions often faced by salaried employees by ensuring that tax already paid on non-salaried income is accoun
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From January 2025, employers must consider TDS/TCS deducted on non-salary income when calculating TDS on salary, aiming to reduce over-deductions for salaried employees.
If tax has already been deducted on freelance or other non-salary income, your employer will account for this when calculating your salary TDS, potentially lowering your overall deduction.
Employees opting for the new tax regime will benefit from an increased standard deduction of £75,000, up from the previous £50,000.
Form 24Q has been updated with renumbered and new columns (388 and 388A) to report TDS deducted by other employers on salary income and TDS/TCS deducted under Section 192(2B).
Employees must submit Form 12BAA to their employers, declaring any additional deductions or exemptions under the new tax regime to ensure accurate TDS calculations.
Updated TDS certificates reflecting these new changes will be issued from the fourth quarter (Q4) of the financial year 2024-25 onwards.
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