Income Tax department revises Form 16: Here is what's new
The Income Tax department has notified changes in Form 16 that requires more details about deductions under tax saving schemes, investment in tax saving schemes and income from other sources. The amended form will come into effect from May 12, 2019. The move is aimed at stricter scrutiny of claims made by assessees to check tax avoidance or evasion. The Income-tax Act, 1961 requires every employer to issue a certificate giving details of salary along with the tax deducted at source (TDS) of each its employee in Form 16.