Income Tax New Form 16: What ITR AY 2019-20 filers must know - From changes to updates, all key details here
Income Tax Return filing for AY 2019-20: Ready to file Income Tax Return (ITR)? From the coming May 12, Form 16 will seek additional details from you.
Income Tax Return filing for AY 2019-20: Ready to file Income Tax Return (ITR)? From the coming May 12, Form 16 will seek additional details from you. The Income Tax department recently revised Form 16, which is used by employers to report tax deducted at source (TDS) details of the employees. It also seeks other details such as income from other sources, related deductions from investment in income-tax savings schemes. Effective from May 12, the new Form 16 will ask for additional details. The revised Form 16 was announced by the Income Tax department days after it notified the availability of various ITR forms to be applicable for AY 2019-20.
Form 16 is basically a certificate issued by employers that gives details of the employees' TDS. It is issued usually in mid-June and used in filing ITR. The official website of the Income Tax department says "Form-16 is a certificate of TDS."
Here are the additional details to be sought by Form 16 this year:
- Information on any deductions w.r.t income tax-saving schemes, investment in tax saving schemes, any allowances received by the employee and income from other sources.
- Details of deductions w.r.t interest received on deposits in a savings account, applicable rebate and surcharge.
- The new Form 16 will also seek details of income from house property and any payment received from other employers.
This year, from May 12 onwards, new Form 16 would have to be furnished for filing the ITR for AY 2019-20. Currently, ITR 1 and 4 for AY 2019-20 are available for e-Filing. The Income Tax department's website says that other ITRs will be made available soon.
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Form 24Q has also been revised by the Income Tax department this year. Form 24Q is furnished by the employers to the tax department. The new Form 24Q will now include additional details like PAN of non-institutional entities from whom the employee had taken a loan for buying or constructing housing property. These changes are expected to further help in identifying any fraudulent transaction carried out for tax avoidance.
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