News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Direct Tax »
 No new changes in online ITR forms, says CBDT
 Will income tax filing deadline be extended from July 31?
 Traded in futures and options? You must use ITR-3 to file tax return
 4 reasons why deadline to file ITR needs to be extended this year
 ITR filing: Prefilled ITRs now available for all individuals
 How to arrange for tax money if you don’t have adequate funds Income Tax Return 2019
 Nature of income can determine rate of TDS charged
 Section 194A – TDS on interest other than interest on securities
 File Income Tax return before last date and avoid these consequences ITR filing
 Claiming tax refund in your ITR? Don't forget to pre-validate your bank account
 Section 193 – TDS on Interest on Securities

CBDT notifies changes in Form 16, seeks disclosure of more details about allowances
April, 17th 2019

Tax department has sought detailed bifurcation about exemptions taken by salaried employees under Section 10 of Income-tax Act, which include leave travel allowance (LTA), life insurance, pension, gratuity, leave encashment, transport allowance and house rent allowance.

Tax department has sought detailed bifurcation about exemptions taken by salaried employees under Section 10 of Income-tax Act, which include leave travel allowance (LTA), life insurance, pension, gratuity, leave encashment, transport allowance and house rent allowance.

Income Tax department notifies ITR forms for 2019-20, seeks more information
Central Board of Direct Taxes, CBDT, Tax department, Form 16 Income tax, TDS, tax returns, ITRs, indian express
The notified changes in Form 16 and Form 24Q, the quarterly TDS statement with respect to salaries, would be effective from May 12. (Representational Image)
The Central Board of Direct Taxes (CBDT) has notified changes in Form 16, the certificate issued by employers for tax deducted at source (TDS) for salaried employees, seeking disclosure of more details, especially about exempt allowances.

The tax department has sought detailed bifurcation about exemptions taken by salaried employees under Section 10 of Income-tax Act, which include leave travel allowance (LTA), life insurance, pension, gratuity, leave encashment, transport allowance and house rent allowance.

Tax experts said the detailed disclosures of exemptions and allowances will aid the tax department in scrutinising income tax returns (ITRs) more precisely and plug possibility of tax leakage. The changes are also in line with the changes in ITRs such as disclosure of standard deduction.

The notified changes in Form 16 and Form 24Q, the quarterly TDS statement with respect to salaries, would be effective from May 12. The tax department has also made it mandatory for employer to furnish Permanent Account Number (PAN) of the lender other than a financial institution in case the employee has taken loan for house property and claimed deduction for interest paid. Sanjoli Maheshwari, director, Nangia Advisors (Andersen Global) said, “Earlier, where the disclosure of various deductions were mentioned in a consolidated manner, ranging from 80C, 80CCD, 80E, 80G would now be required to be disclosed separately. These specific disclosures would provide ease to the tax authorities in understanding the various components of income of the taxpayer and thereby, facilitating the conduct of scrutiny more precisely.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions