Budget 2024: How TCS is set to become less TDS for salaried class
Tuesday, 23 July 2024
Individuals miffed at tax collection at source (TCS) proposals have now been offered a small relief - provided they have salary income. At present, a salaried employee may declare income, such as bank interest and rent, to their employer, who factors this and, accordingly, deducts a higher tax against the monthly salary. The employee then does not have to worry about paying advance tax as adequate tax has already been withheld.
Individuals miffed at tax collection at source (TCS) proposals have now been offered a small relief - provided they have salary income. At present, a salaried employee may declare income, such as bank interest and rent, to their employer, who factors this and, accordingly, deducts a higher tax against the monthly salary. The employee then does not have to worry about paying advance tax as adequate tax has already been withheld.
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