CBDT Notifies Amendments in Income-Tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling TCS Credit of Minors in the Hands of Parents

By: Admin
October 17, 2024
Categories: CBDT Notification | Press Release
4 Min Read

The Central Board of Direct Taxes (CBDT) has introduced amendments in the Income-tax Rules aimed at simplifying the process of claiming credit for Tax Collected at Source (TCS) and Tax Deducted at Source (TDS) for salaried employees. Additionally, the amendments enable the credit of TCS in the hands of parents for minors’ income.

Key changes include:

Form No. 12BAA: Employees must now provide particulars of taxes collected/deducted (TCS/TDS) under Section 192(2B) to their employers. Employers will adjust TDS on salary accordingly.

Parents can now claim TCS credit for minors’ income when it is clubbed with their own, under the updated Section 206C(4), easing the tax filing process.

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