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CBDT notifies changes in Form 16

April, 19th 2019
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. Details of exempt allowances will be disclosed as separate line items — such as leave travel allowance (LTA), house rent allowance (HRA), death-cum-retirement gratuity, to name a few. Salary from previous employers, if any, during that particular financial year, will also be separately disclosed. Revisions will come into force from May 12, 2019. Typically, for a particular financial year, employers issue Form 16 in May or June. Thus, it is likely that most employers will have to adopt the new form for the financial year ended March 31, 2019.