Will Oracle be delivering a facility to make TDS Adjustments to cater for 12BAA forms?

Will Oracle be delivering a facility to make TDS Adjustments to cater for 12BAA forms?

The Central Board of Direct Taxes (CBDT) has introduced amendments to the income-tax rules, aimed at simplifying the process for salaried employees to claim credit for Tax Collected at Source (TCS) and Tax Deducted at Source (TDS).

As an employer, here are the key things you need to do regarding Form 12BAA:

1. Accept Form 12BAA submissions from employees:
   • Form 12BAA allows employees to declare TDS and TCS paid on income from sources other than salary12.
   • Employees can submit this form to you to report details of other income, TDS/TCS paid, and any property losses