Nandhakumar & Sundaran
Chartered Accountants, Auditors

By: Nandhakumar & Sundaran | April 27, 2019

With the income tax return forms being notified with additional disclosure requirements, the Central Board of Direct Taxes (CBDT) has issued a notification on April 12, 2019 (effective May 12, 2019) amending the Form 16 (TDS certificate for salary income) and the format of quarterly tax deducted at source (TDS) return. In the new format of Form 16, there is a specific column for reporting total amount of salary received from other employers, which was not a part of the old Form 16. For allowances exempt under Section 10 of the Income Tax Act as well as for various eligible deductions, specific line item has been provided to capture different allowances/ deductions separately, rather than as a consolidated amount for certain deductions in th...

Category: Income Tax 

Tags: News 

By: Nandhakumar & Sundaran | April 20, 2019

The CBDT has notified a new format for Form 16 – the salary TDS certificate – requiring a detailed break up of tax exempt allowances paid to the employee and also of all tax breaks claimed by him/her. The earlier format allowed companies to give consolidated figures or break-up in different formats for both these thereby leaving some ambiguity regarding their individual composition.


Source: Economic Times

Category: Income Tax 

Tags: News 

By: Nandhakumar & Sundaran | April 20, 2019

The income tax return (ITR) forms for FY 2018-19 notified by the government are different from those used to file the previous year's returns. Some of the changes in the forms have been done in keeping with the changes in income tax laws made in Budget 2018 for FY 2018-19 and onwards. Apart from that, there are other changes as well in the ITR forms which you should be careful about while filing your return for FY 2018-19.


Source: EconomicTimes

Category: Income Tax 

Tags: News 

By: Nandhakumar & Sundaran | April 17, 2019

Tax authorities have set a deadline of June 30 to clear up all demonetisation-related cases. In its interim action plan for the first quarter of 2019-20, the Central Board of Direct Tax (CBDT) has instructed its officials to “dispose of all cases related to demonetisation where assessment is required to be framed”.


Source: The Hindu Business Line

Category: Income Tax 

Tags: News 

By: Nandhakumar & Sundaran | April 17, 2019

The Central Board of Direct Taxes (CBDT) has notified amendments in Form 16 — which acts as certificate for tax deducted at source (TDS) —and Form 24Q — quarterly TDS statement for salaries. The new forms require taxpayers to provide more details related to bifurcation of exemptions under Section 10 of the Income Tax Act, various deduction under Chapter VI-A, disclosure of standard deduction amount and other income. Section 10 covers several tax-free allowance as part of the salary, including leave travel, uniform, travelling and house rent.


Source: Financial Express

Category: Income Tax 

Tags: News 

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