Income Tax: The proposal aims to introduce a provision in ...

New tax provision allows parents to claim TCS credit on funds remitted to minors under RBI scheme, effective Jan 1, 2025.

Notes Bill

July 30, 2024

Income Tax: The proposal aims to introduce a provision in Section 206C of the Income Tax Act to allow the Board to notify rules for cases where credit of tax collected at source (TCS) can be given to a person other than the collectee. Specifically, it permits the parent to claim credit for TCS on funds remitted to a minor under the RBI's Liberalized Remittance Scheme, where the minor's income is clubbed with the parent's income u/s 64(1A). This amendment will be effective from January 1, 2025.

View Source

← Previous Next →

Income Tax: The proposal aims to introduce a provision in ...

New tax provision allows parents to claim TCS credit on funds remitted to minors under RBI scheme, effective Jan 1, 2025.

Notes Bill

July 30, 2024

You may also like:

The assessee failed to claim the Minimum Alternate Tax (MAT) credit in the original income tax return and did not file a revised return. The Assessing Officer (AO) did...

The ITAT Raipur held that no disallowance of interest expenditure was warranted u/s 14A as the assessee had sufficient self-owned funds. Citing the Bombay High Court and...

Disallowance of claims of superannuation fund u/s. 40A(9) and gratuity fund u/s. 40A(7) - the company had applied for the approval of Superannuation Fund as well as...

Input tax credit - eligibility of benefit of input tax credit claimed after six months from the date of invoice - the Apex court has held that credit is indefeasible....

Input Tax Credit - credit was not effected in Form GSTR-2A - If on examination of the evidence submitted by the assessee, the assessing officer is satisfied that the...

LTCG - Exemption claimed u/s. 54F - Failure to deposited in capital gain deposit scheme - The appellant sold a property, deposited the sale proceeds in a capital gain...

Levy of penalty u/s 129(5) of GST Act for discrepancy between PIN code of petitioner in Tax Invoices and E-Way Bill. Court held minor discrepancy in PIN code in GST...

Expenditure on software license fees paid periodically is revenue in nature and should be allowed as deduction. No disallowance u/r 8D(2)(ii) warranted when own funds...

Refund claim for unutilised cenvat credit - appellant took re-credit of the rejected amount of refund - the subordinate legislation is effective or in force till the...

Amnesty Scheme - SVLDRS - CENVAT Credit on input services - In fact, in order to ensure that the Designated Committee does not dispute the tax through input credit, a...

Refund claim - time limitation - validity of refund only to the service provider and not to the party being the service recipient - The appellants for the processing of...

Terms and conditions of Exit Option Scheme of RBI - Voluntary retirement scheme - exemption u/s 10(10C) - whether Exit Option Scheme of RBI were different from the terms...

Disallowance claimed as bad debts -assessee has claimed provision during the assessment year without any advice of the RBI against the provisions of the Income-tax Act -...

The assessee claimed that the deductor had deducted tax but failed to deposit it with the Central Government, leading to a mismatch between tax credits claimed and...

Refund of CENVAT Credit - Section 142 (3) of GST Act provides how to deal with claims of refund of service tax of tax and duty / credit under the erstwhile law. It is...

Quick Updates: