Amendment to the Form 16 format

 

In the last assessment year (AY 2018-19), the Income Tax Return (ITR) Form was amended to allow the tax-payer to provide proper details of total income and exemption claimed under section 10 allowances.

To bring parity between ITR and Form 16, this year, which is AY 2019-20, the Ministry of Finance (Government of India) has amended aspects of "Section 200" (Duty of person deducting tax) and "Section 203 (Certificate for tax deducted)" which is read along with Section 295 of the income tax Act, 1961.

The major impact of these amendments is on the format of Form 16 “Part B”. The details that are now mandatory in the new Form 16 "PART B" are detailed below. This is effective from May 12th 2019.

 

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