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TMI BlogCBDT 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 ParentsX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 - News and Press Release Dated:- 17-10-2024 - News - Central Board of Direct Taxes (CBDT) has notified amendments in income-tax rules for ease in claiming credit for TCS collected/TDS deducted for salarie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 ) was amended vide the Finance (No. 2) Act, 2024 (FA (No. 2) ) to include any tax deducted or collected at source under the provisions of Chapter XVII-B or Chapter XVII-BB , as applicable, for the purpose of making tax deductions in the case of salar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied employees. Vide CBDT Notification No. 112/2024 dated 15.10.2024 , the Income-tax Rules, 1962 ( the Rules ) have been amended, introducing Form No. 12BAA as the prescribed statement of particulars required under sub-section (2B) of Section 192 of the Act. Employees must provide these particulars to their employers, who are responsible for making payments under sub-section (1) of Section 192 . T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he employer, in turn, shall deduct TDS on salary after taking into account the furnished particulars. Further, sub-section (4) of Section 206C of the Act was amended vide FA (No. 2) to allow the credit of TCS to a person other than the collectee such as a parent in the case of a minor collectee when the minor s income is clubbed with that of the parent. Accordingly Vide CBDT Notification No. 114/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 024 dated 16.10.2024 Rule 37-I of the Rules has been amended to allow credit of tax collected at Source to a person other than the collectee, in whose hands the income of the collectee is assessable. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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