The Central Board of Direct Taxes (CBDT) has implemented changes to income tax rules, providing greater convenience for taxpayers. This has brought cheer among income tax payers.
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The CBDT has simplified TDS/TCS credit claims. These updates streamline the process for salaried individuals. Additionally, parents can now claim TCS credit for minors under specific conditions.
The Finance Ministry announced amendments to the Income Tax Act, 1961. Form 12BAA helps include TDS/TCS under Chapter XVII-B or XVII-BB for tax adjustments.
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Employees must provide details in Form 12BAA for TDS deduction. New rules allow others besides spenders to claim TCS credit. Parents can claim for minors.
To claim TCS credit for another person, a declaration must be submitted to the collecting bank. This should include details like name, address, PAN, payment details, and justification.
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Direct tax collection has increased significantly. Corporate tax revenue doubled, and individual income tax collection quadrupled in the last ten years.
