Budget 2024 – What’s New? Amendment regarding TDS and TCS provisions

TDS and TCS are widely used by the Government as a mechanism to collect taxes as and when transactions occur. This serves twofold purposes: On the one hand, taxes are recovered on a real-time basis as and when transactions occur, and on the other hand, it helps in tracking a person's various income streams.

Budget 2024 has brought some key changes to rules relating to tax deductions at source (TDS) and tax collection at source (TCS). The new norms are directed towards easing compliance provisions for businesses and aiming to ease the procedure of tax payments by taxpayers.