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TDS relief for salaried: From January 1, 2025 this tax statement will reflect the net TDS/TCS benefit on eligible income
TDS on salary: Now salaried taxpayers will be able to see how much benefit of lower TDS they got in the TDS certificate statement from Q4 2024-25 onwards. Experts say due to this new TDS change now salaried employees may get more salary in hand due to lower TDS deduction.
From October 1, 2024 the government has made it mandatory for employers to give benefits of TDS/TCS deducted on non-salary income while computing TDS to be deducted from salary. Adjustment of tax already paid through TDS/TCS on non-salaried income while deducting TDS against salary can bring down TDS liability for a salaried employee. This amendment was introduced to reduce the incidence of extra TDS being deducted from salary income. While the law was already implemented, the necessary back end technical infra updation took time
Protean (formerly NSDL e-Governance) has informed that the necessary changes have been made in the TDS software from December 27, 2024 and now the TDS certificate will start reflecting the updated changes for Q4 of 2024-25 TDS statement onwards.
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