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of <h1>Union Budget 2024-25 amends Section 192 to ease TCS and TDS credit process for salaried employees, effective October 2024.</h1> The Union Budget 2024-25 proposes amendments to Section 192 of the Income Tax Act to simplify the process of claiming credit for Tax Collected at Source (TCS) and Tax Deducted at Source (TDS) for salaried employees. Currently, employees face cash flow issues and compliance burdens when TCS is not considered in salary tax deductions, requiring refunds. The proposed change will allow taxes deducted or collected under Chapters XVII-B or XVII-BB to be included in salary tax calculations, reducing compliance and cash flow issues. These amendments are set to take effect from October 1, 2024.
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