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- Key Highlights:
- Simplified TCS/TDS Credit Claims for Salaried Employees: The amendments aim to streamline the process of claiming credit for Tax Collected at Source (TCS) and Tax Deducted at Source (TDS) for salaried employees.
- TCS Credit for Minors: The rules have been modified to allow parents to claim TCS credit on behalf of their minor children whose income is clubbed with theirs.
- New Form 12BAA: A new form, 12BAA, has been introduced to facilitate the declaration of non-salary income by employees to their employers. This will help in accurate TDS calculations.
Question:
1. Who can claim TCS credit on behalf of minors under the Central Board of Direct Taxes (CBDT)’s new rules?
- A) Grandparents
- B) Guardians
- C) Teachers
- D) Parents