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.

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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

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