Quick Summary
CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents Central Board of Direct Taxes (CBDT) has notified amendments in income-tax rules for ease in claiming credit for TCS collected/TDS deducted for salaried employees and enabling claiming TCS credit of minors in the hands of parents. Sub-section (2B) of Section 192 of the Income-tax Act, 1961 ('the Act')
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The CBDT has amended income-tax rules to simplify claiming TCS/TDS credit for salaried employees and to allow parents to claim TCS credit for their minor children's income.
Salaried employees will find it easier to claim credit for TCS collected and TDS deducted. They need to provide particulars in a new Form No. 12BAA to their employers, who will then deduct TDS on salary accordingly.
Form No. 12BAA is the prescribed statement of particulars that salaried employees must provide to their employers for the purpose of TDS deduction on salary.
Yes, parents can now claim TCS credit for income earned by their minor children, provided that the minor's income is clubbed with the parent's income for tax purposes.
The changes related to salaried employees are notified vide CBDT Notification No. 112/2024 dated 15.10.2024, and the changes for claiming TCS credit of minors are notified vide CBDT Notification No. 114/2024 dated 16.10.2024.
CAclubindia
