Income Tax: Proposed amendment to sub-section (2B) of section ...

Amendment expands tax deduction scope for salaried employees, allowing credit for TCS/TDS paid under certain chapters, easing compliance.

July 30, 2024

Notes Bill

Income Tax: Proposed amendment to sub-section (2B) of section 192 to expand its scope to include tax deducted/collected under Chapter XVII-B or Chapter XVII-BB for computing deduction of tax on salary income, easing compliance and avoiding cash flow issues for salaried employees by allowing credit for TCS/TDS paid. The amendment will take effect from October 1, 2024.

View Source

← Previous Next →

Income Tax: Proposed amendment to sub-section (2B) of section ...

Amendment expands tax deduction scope for salaried employees, allowing credit for TCS/TDS paid under certain chapters, easing compliance.

July 30, 2024

Notes Bill

You may also like:

ITAT allowed taxpayer's appeal regarding Tax Collected at Source (TCS) credit for minor child's income clubbed with parent's income. While statutory amendment permitting...

Income tax relief proposed for salaried individuals and pensioners opting for new tax regime. Standard deduction for salaried employees increased from Rs. 50,000 to Rs....

Income Tax: The proposed amendment to section 198 aims to widen the tax base and address tax avoidance by deeming all sums deducted as tax in India and abroad, for which...

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...

Substitution of new section for section 80JJAA- Deduction in respect of employment of new employees. - Deduction under the proposed provisions will be available in...

Disallowance of demurrage charges and reimbursement of salary paid to seconded employees on account of non-deduction of tax at source was dismissed, following coordinate...

Income Tax: Proposed amendment to increase simple interest rate from 1% to 1.5% per month or part thereof on late payment of tax collected at source (TCS) to government...

CENVAT credit - input services - insurance services of employees - if the appellants have availed credit on service tax paid in respect of employees of other units, they...

ITAT allowed partial relief to appellant, a railway guard, regarding TDS credit denial. While non-response to notices due to frequent travel was deemed an inadequate...

Clause (iva) of sub-section (1) of section 36 is amended to increase the deduction for employer contribution to a pension scheme u/s 80CCD from 10% to 14% of the...

The High Court held that petitioners are entitled to pay 10% of the disputed GST amount as a pre-condition for filing an appeal by debiting the amount available in the...

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...

Credit of TCS denied - the nature of TCS is nothing but tax which has been statutorily recognised in the Income tax Act, and the Rules are enabling and procedural in...

Cenvat Credit - appellants are entitled for input service credit on real estate agent - Credit allowed - AT

CENVAT Credit - scope of Input services - Outdoor Catering Service - personal use - the cost of such services, are admittedly borne by the company and not by the...

Quick Updates: