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of <h1>Amendments to Rule 37-I enable TCS credit transfer to another person, effective January 1, 2025, under Section 206C(4).</h1> Section 206C(4) of the Income Tax Act allows credit for Tax Collected at Source (TCS) to be given to someone other than the collectee, such as a parent when a minor's income is combined with theirs. Effective from January 1, 2025, amendments to Rule 37-I enable this transfer of credit. The collectee must file a declaration with the collector, who will report the tax collection in the name of the designated person. This process includes providing necessary details such as the recipient's name, address, and PAN, and the collector must issue a certificate for TCS in the recipient's name.
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