TDS on salary

You can now use TCS credit to reduce the TDS on your salary. Here’s how.

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You can now use TCS credit to reduce the TDS on your salary. Here's how.

Starting 15 October, salaried individuals can adjust such TCS payments against the tax deducted at source (TDS) on their salaries. Previously, they could only claim a refund of the TCS when filing their tax returns. This affected salaried individuals in particular as professionals could always factor in the TCS while computing advance tax, said Prakash … Read more

How salaried taxpayers can increase their take-home pay after this rule change

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How salaried taxpayers can increase their take-home pay after this rule change

NEW DELHI : October 2023-24 brought a tax shocker. The rate of tax collected at source (TCS) on the purchase of foreign tour packages and foreign remittances under the Liberalised Remittance Scheme (LRS), other than for education and medical purposes, was raised from 5% to 20%.  Though this additional TCS outflow could be claimed as … Read more