Income Tax Form 12 Blank Format 12 Mind Numbing Facts About Income Tax Form 12 Blank Format
You will anon get Anatomy 16 from your employer. This year, the Assets Tax administration has revised the architecture of Anatomy 16 by abacus assorted capacity to accomplish them added elaborative. The changes in Anatomy 16 architecture accept been fabricated to accompany again in adequation with latest changes fabricated in ITR (income tax return) forms. The revised architecture for Anatomy 16 has already been notified by the Assets Tax administration and will appear into aftereffect from May 12, 2019. This agency the assets tax allotment for banking year 2018-19 will accept to be filed on the base of revised Anatomy 16.
“For employees, it would be easier for them to ample the all-important advice from Anatomy 16 into their ITR,” says Sandeep Sehgal, administrator of tax and authoritative at Ashok Maheshwary & Associates LLP.
Form 16 is a affidavit issued by your employer according to the architecture assigned by the Assets Tax authorities and is issued on or afore June 15 of the abutting year afterward the end of the banking year in which tax was deducted. This anatomy lists out assorted things like the absolute bacon paid to you during the period, the absolute tax that the employer deducted at antecedent (TDS) and the deductions that you accept claimed during the year.
Form 16 has two parts. Part A and Part B. Part A contains the agent and employer details, aeon of application with the employer and arbitrary of the alternate TDS on your income. Part B has capacity of assets becoming as able-bodied as capacity of deductions beneath sections such as 80C, 80CCC and 80CCD, 80D, 80E (interest on apprenticeship loan), 80G (donations), and others.
Here are 5 things to apperceive about the changes fabricated in the Anatomy 16 format:
1) Reporting of allowances absolved beneath Section 10 – Earlier, all the exempted allowances acclimated to be clubbed beneath one branch and companies acclimated to acknowledge those with the name of the allowance. “The new architecture of Anatomy 16 asks for putting the allowances beneath specific accoutrement like gratuity, HRA, LTA, etc. They are to be appear beneath specific branch for them and the antithesis are to be included in one balance head,” says Sandeep Sehgal of Ashok Maheshwary & Associates LLP.
2) Accepted Answer – The accepted answer of ₹40,000 for salaried individuals was alien aftermost year for FY2018-19. Now, a abstracted row for its acknowledgment has been included in the revised Anatomy 16. The changes accept additionally been fabricated in ITR forms.
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3) Assets from antecedent employer is to be appear in a abstracted row. Earlier, there was no abstracted acknowledgment for this and companies acclimated to club this in a abstracted arch meant for all added incomes which the agent wishes to report, Sehgal added.
4) Reporting of deductions: Deductions like charge fee, allowance premium, donations, NPS etc. accept been categorized alone beneath corresponding heads.
Revised Anatomy 16 as notified by Assets Tax Department:
5) “Earlier, area the acknowledgment of assorted deductions were mentioned in a circumscribed manner, alignment from 80C, 80CCD, 80E, 80G would now be appropriate to be appear separately. These specific disclosures would accommodate affluence to the tax authorities in compassionate the assorted apparatus of assets of the aborigine and thereby, facilitating the conduct of analysis added precisely,” said Nangia Advisors (Andersen Global) Administrator Sanjoli Maheshwari.
Income Tax Form 12 Blank Format 12 Mind Numbing Facts About Income Tax Form 12 Blank Format – income tax form 16 blank format
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