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of <h1>Budget 2024-25 proposes amendment to Section 206C, allowing parents to claim TCS credit on minor's income.</h1> The Union Budget 2024-25 proposes an amendment to Section 206C of the Income Tax Act, addressing tax collected at source (TCS) on certain business activities. Currently, TCS credit is only available to the collectee, not to others like parents of minors. This amendment will allow parents to claim TCS credit when the minor's income is clubbed with the parent's income under Section 64(1A). This change aims to prevent misuse and will be effective from January 1, 2025.
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