MM TAX CLUB

Central Board of Direct Taxes (CBDT) has notified amendments in income-tax rules for ease in claiming credit for TCS collected/TDS deducted for salaried employees and enabling claiming TCS credit of minors in the hands of parents. Sub-section (2B) of Section 192 of the Income-tax Act, 1961 (‘the Act’) was amended vide the Finance (No. 2) Act, 2024 (FA (No. 2)) to include any tax deducted or collected at source under the provisions of Chapter XVII-B or Chapter XVII-BB, as applicable, for the purpose of making tax deductions in the case of salaried employees.

Vide CBDT Notification No. 112/2024 dated 15.10.2024, the Income-tax Rules, 1962 (‘the Rules’) have been amended, introducing Form No. 12BAA as the prescribed statement of particulars required under sub-section (2B) of Section 192 of the Act. Employees must provide these particulars to their employers, who are responsible for making payments under sub-section (1) of Section 192. The employer, in turn, shall deduct TDS on salary after taking into account the furnished particulars.

Further, sub-section (4) of Section 206C of the Act was amended vide FA (No. 2) to allow the credit of TCS to a person other than the collectee—such as a parent in the case of a minor collectee—when the minor’s income is clubbed with that of the parent. Accordingly Vide CBDT Notification No. 114/2024 dated 16.10.2024 Rule 37-I of the Rules has been amended to allow credit of tax collected at Source to a person other than the collectee, in whose hands the income of the collectee  is assessable.

The Department of Revenue (DoR) has set various targets in the preparatory phase of Special Campaign 4.0.  Now, in the Execution phase, DoR is making all-out efforts to clear the pendency in all major items of work viz, VIP references, Public Grievances, Review & weeding out of files etc. The campaign commenced on 2nd October 2024 and shall continue till 31st October 2024.

All officers in DoR have been participating in special campaign 4.0 towards 100% achievement of targets set for the campaign.  The endeavor has also been to institutionalize Swachhta (cleanliness) in the workplace and surroundings.

The efforts during Special Campaign 4.0 have yielded encouraging outcomes. There has been significant progress under the campaign up to 15.10.2024. Around, 1003 Public Grievances and 10 VIP references have been disposed of. Nearly 333 e-files have been reviewed and 77 files have been closed after review. In addition, 1061 physical files have been reviewed and 506 files have been weeded out. Old dilapidated furniture/fixtures, other waste/Scrap items and e-wastes have been disposed of resulting in freeing up of office space. It has also resulted in earning of Rs. 1,89,100/- as revenue for the department.

DoR remains committed to keeping this momentum going in order to ensure efficiency in disposal of work, cleanliness of the office and public premises and making a positive impact on the environment.

The Department of Revenue (DoR) has set various targets in the preparatory phase of Special Campaign 4.0.  Now, in the Execution phase, DoR is making all-out efforts to clear the pendency in all major items of work viz, VIP references, Public Grievances, Review & weeding out of files etc. The campaign commenced on 2nd October 2024 and shall continue till 31st October 2024.

Department of Investment and Public Asset Management (DIPAM) is conducting ‘Special Campaign 4.0’ from 2nd to 31st October, 2024 for institutionalizing Swachhata and minimizing pendency.

The targets identified by the Department for disposal of VIP References and Public Grievances have been achieved fully and pendency brought to Zero. Out of 274 physical files identified for review, 62 files have been reviewed and weeded out so far. The remaining files are being reviewed. Apart from this, the disposal of obsolete/ unserviceable items is actively in progress.

DIPAM has no Attached or Subordinate officers or Autonomous Bodies etc.

The Central Board of Direct Taxes (CBDT) has officially revised the TDS Rate Chart for Assessment Year 2025-26, effective from October 1, 2024. 

This change follows the key proposals introduced in the Union Budget 2024, enacted through the Finance (No. 2) Act, 2024.

The Government of India (GoI) has announced the sale (re-issue) of (i) “7.02% Government Security 2031” for a notified amount of ₹10,000 crore (nominal) through price based auction using multiple price method, (ii) “7.23% Government Security 2039” for a notified amount of ₹13,000 crore (nominal) through price based auction using multiple price method and (iii) “7.09% Government Security 2054” for a notified amount of ₹10,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 18, 2024 (Friday).

Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 18, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

The result of the auctions will be announced on October 18, 2024 (Friday) and payment by successful bidders will be on October 21, 2024 (Monday).    

The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.