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 the previous format.

Source : Financial Express

Category: Income Tax 

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