New Rule for Calculation of TDS on Salary|Budget 2024|Higher Salary in hand from 1.10.24|TCS Credit @cadeveshthakur #salary #salaryincrease #tdsonsalary #cadeveshthakur Dear Viewers, TDS on Salary as Amended by Union Budget 2024 The Union Budget 2024 has introduced several significant amendments to the provisions related to Tax Deducted at Source (TDS) on salary, which will take effect from October 1, 2024. One of the key changes is the incorporation of Tax Collected at Source (TCS) into the TDS calculation for salaried employees. Index 00:00 to 07:30 Change in Income Tax Slab 07:31 to 15:52 TCS Credit claim 15:53 to 24:37 How to calculate TDS on salary Key Amendments Effective from October 1, 2024 Incorporation of TCS in TDS Calculation: o From October 1, 2024, employers are required to consider the TCS collected from employees while computing the TDS on their salary. This means that any TCS paid by the employee on various transactions will be credited against their TDS liability on salary. o This amendment aims to ease the tax burden on salaried individuals by allowing them to offset their TCS against their TDS, ensuring a more accurate and fair tax deduction process. Scope of TCS Widened: • The scope of TCS on luxury goods exceeding Rs. 10 lakhs has been widened beyond motor vehicles to include other luxury items. This change will be effective from January 1, 2025 Practical Implications for Employers and Employees • Employers: Need to update their payroll systems to incorporate TCS credits while calculating TDS on salaries. This will involve collecting information on TCS paid by employees and ensuring accurate computation of TDS. • Employees: Should keep track of their TCS payments and provide necessary documentation to their employers to benefit from the offset against TDS. 🎥 Hello, lovely viewers! Welcome back to the @cadeveshthakur channel! 🎉 UA-cam Channel: www.youtube.com/@cadeveshthakur TDS ki कक्षा: ua-cam.com/play/PL1o9nc8dxF1RqxMactdpX3oUU2bSw8-_R.html E-commerce sellers: ua-cam.com/play/PL1o9nc8dxF1ShUNXkAbYrAYj2Pile1Rim.html GST Knowledge Bank: ua-cam.com/play/PL1o9nc8dxF1RjdRrG4ZKXeJNed6ekhjoR.html Goods & Services Tax: ua-cam.com/play/PL1o9nc8dxF1SlBw2kSpZ9ay1jnEOkbDYN.html TDS: ua-cam.com/play/PL1o9nc8dxF1RXi2GaEckeXGmJy_FYOj9q.html Shorts for Accountants, Professionals, Finance, Students: ua-cam.com/play/PL1o9nc8dxF1TqoRTWoA1_l0kmtsbyNEB5.html Accounting concept, Entries, Final Accounts preparation: ua-cam.com/play/PL1o9nc8dxF1T4GSjBPboXxBgFgkVZmDbQ.html Direct Taxation: ua-cam.com/play/PL1o9nc8dxF1S7BBNeuL3fzV_fDl9V88C2.html 🎥 Hello, lovely viewers! Welcome back to the @cadeveshthakur channel! 🎉 I’m thrilled to have you here, and I want to connect with you beyond UA-cam. Let’s take our journey together to the next level! 😊 LinkedIn: www.linkedin.com/in/cadeveshthakur/ Instagram: instagram.com/cadeveshthakur/ Twitter: twitter.com/cadeveshthakur Facebook: facebook.com/cadevesh Whatsapp Group: whatsapp.com/channel/0029Va6GOVE9MF92Ylmo7e0L #cadeveshthakur cadeveshthakur.com/ Remember, our community is more than just a channel-it’s a family. Let’s connect, learn, and grow together! Hit that Subscribe button, tap the notification bell, and let’s spread financial wisdom one click at a time. 🚀 Remember, knowledge empowers us all! Let’s learn together and navigate the complex world of finance with curiosity and diligence. Thank you for being part of the cadeveshthakur community! 🙌 Disclaimer: The content shared on this channel is purely for educational purposes. As a Chartered Accountant, I strive to provide accurate and insightful information related to GST, income tax, accounting, and tax planning. However, please note that the content should not be considered as professional advice or a substitute for personalized consultation.
New Rule for Calculation of TDS on Salary|Budget 2024|Higher Salary in hand from 1.10.24|TCS Credit @cadeveshthakur #salary #salaryincrease #tdsonsalary #cadeveshthakur
Dear Viewers,
TDS on Salary as Amended by Union Budget 2024
The Union Budget 2024 has introduced several significant amendments to the provisions related to Tax Deducted at Source (TDS) on salary, which will take effect from October 1, 2024. One of the key changes is the incorporation of Tax Collected at Source (TCS) into the TDS calculation for salaried employees.
Index
00:00 to 07:30 Change in Income Tax Slab
07:31 to 15:52 TCS Credit claim
15:53 to 24:37 How to calculate TDS on salary
Key Amendments Effective from October 1, 2024
Incorporation of TCS in TDS Calculation:
o From October 1, 2024, employers are required to consider the TCS collected from employees while computing the TDS on their salary. This means that any TCS paid by the employee on various transactions will be credited against their TDS liability on salary.
o This amendment aims to ease the tax burden on salaried individuals by allowing them to offset their TCS against their TDS, ensuring a more accurate and fair tax deduction process.
Scope of TCS Widened:
• The scope of TCS on luxury goods exceeding Rs. 10 lakhs has been widened beyond motor vehicles to include other luxury items. This change will be effective from January 1, 2025
Practical Implications for Employers and Employees
• Employers: Need to update their payroll systems to incorporate TCS credits while calculating TDS on salaries. This will involve collecting information on TCS paid by employees and ensuring accurate computation of TDS.
• Employees: Should keep track of their TCS payments and provide necessary documentation to their employers to benefit from the offset against TDS.
🎥 Hello, lovely viewers! Welcome back to the @cadeveshthakur channel! 🎉
UA-cam Channel: www.youtube.com/@cadeveshthakur
TDS ki कक्षा: ua-cam.com/play/PL1o9nc8dxF1RqxMactdpX3oUU2bSw8-_R.html
E-commerce sellers: ua-cam.com/play/PL1o9nc8dxF1ShUNXkAbYrAYj2Pile1Rim.html
GST Knowledge Bank: ua-cam.com/play/PL1o9nc8dxF1RjdRrG4ZKXeJNed6ekhjoR.html
Goods & Services Tax: ua-cam.com/play/PL1o9nc8dxF1SlBw2kSpZ9ay1jnEOkbDYN.html
TDS: ua-cam.com/play/PL1o9nc8dxF1RXi2GaEckeXGmJy_FYOj9q.html
Shorts for Accountants, Professionals, Finance, Students: ua-cam.com/play/PL1o9nc8dxF1TqoRTWoA1_l0kmtsbyNEB5.html
Accounting concept, Entries, Final Accounts preparation: ua-cam.com/play/PL1o9nc8dxF1T4GSjBPboXxBgFgkVZmDbQ.html
Direct Taxation: ua-cam.com/play/PL1o9nc8dxF1S7BBNeuL3fzV_fDl9V88C2.html
🎥 Hello, lovely viewers! Welcome back to the @cadeveshthakur channel!
🎉 I’m thrilled to have you here, and I want to connect with you beyond UA-cam. Let’s take our journey together to the next level! 😊
LinkedIn: www.linkedin.com/in/cadeveshthakur/
Instagram: instagram.com/cadeveshthakur/
Twitter: twitter.com/cadeveshthakur
Facebook: facebook.com/cadevesh
Whatsapp Group: whatsapp.com/channel/0029Va6GOVE9MF92Ylmo7e0L
#cadeveshthakur
cadeveshthakur.com/
Remember, our community is more than just a channel-it’s a family. Let’s connect, learn, and grow together! Hit that Subscribe button, tap the notification bell, and let’s spread financial wisdom one click at a time. 🚀 Remember, knowledge empowers us all! Let’s learn together and navigate the complex world of finance with curiosity and diligence. Thank you for being part of the cadeveshthakur community! 🙌
Disclaimer: The content shared on this channel is purely for educational purposes. As a Chartered Accountant, I strive to provide accurate and insightful information related to GST, income tax, accounting, and tax planning. However, please note that the content should not be considered as professional advice or a substitute for personalized consultation.