In line with the Budget 2024 announcement about adjusting TDS and TCS from other sources against salary TDS, the Central Board of Direct Taxes (CBDT) has introduced a new form called Form 12BAA. This ...

Union Budget 2024: The Central Board of Direct Taxes (CBDT) has introduced a new form known as Form 12BAA, specifically created for the disclosure of non-salary income and inclusion of details on Tax ...

Salaried taxpayers can now claim the benefit of offsetting the TCS on their foreign tour packages and foreign remittances under the LRS against the TDS on their salary. October 2023-24 brought a tax ...

CBDT has introduced Form 12BAA to enable employees to inform their employers about TDS and TCS from other income sources, aiding in reducing tax deductions from salaries and increasing take-home pay.

A significant update from the Central Board of Direct Taxes (CBDT) could offer salaried employees a much-needed tax break on high-value purchases. The newly introduced Form 12BAA, in alignment with ...

The tax authority has introduced a new form that aims to simplify tax filings for employees with income from sources other than salaries. The Central Board of Direct Taxes (CBDT) has notified Form ...

Did you book a foreign holiday recently and have to shell out an extra 5% or 20% in tax collected at source (TCS)? There’s good news if you’re a salaried employee. Did you book a foreign holiday ...

Enabling this, CBDT notified the amendments and the new Form 12BAA, last month. The new form enables an employee to offset tax deducted at source (TDS) and tax collected at source (TCS) from ...