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')
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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.
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