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of <h1>Finance Bill 2024 proposes Section 206C amendment to ease TCS burden on tax-exempt entities, effective October 1, 2024.</h1> The Union Budget 2024-25 and Finance Bill propose an amendment to Section 206C, addressing tax collection at source (TCS) issues for entities exempt from income tax. Representations highlighted difficulties faced by these entities, as they are not required to file returns but are still subject to TCS. The proposed amendment will allow the Central Government to exempt or reduce TCS for specified transactions involving certain entities, institutions, or associations. This change is set to take effect from October 1, 2024, as per Clause 70 of the Finance Bill.
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