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Apr 17, 2019
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Income tax return: CBDT amends Form 16, Form 24Q for detailed reporting on TDS
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.
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