Central Board of Direct Taxes (CBDT) has just issued a notification extending the deadline for employers to file their TDS returns and also to issue Form 16 to employees to June 30th and July 10th respectively.
The CBDT has issued a notification to amend the Form 24Q and Form 16 (TDS certificate in respect of salary income) with effect from May 12, 2019. As per the new format, every employer is required to report the detailed break-up of salary, exempt allowances and deductions claimed and allowed to an employee.
Further, the income-tax return forms for AY 2019-20 were also amended by CBDT in line with the changes made in Form 24Q and Form 16. The move has been made to cross check the information provided by an employee in ITR forms with TDS return filed by his employer.
The due date of filing of income-tax return for AY 2019-20 is 31st July 2019. So, it is very likely that the CBDT would also extend the due date of filing of income-tax return considering the extension in due date of issuance of Form 16.
Form-16 is an important TDS certificate, which is issued by your employer providing details of the total income paid to you and taxes deducted on it. It consists of two parts – Part A and Part B. Part-A consists of details of the taxes deducted by your employer during the financial year while Part-B has break-up of gross salary details, i.e. tax-exempt allowances, perquisites, tax-saving deductions and so on.
ADDITIONAL THINGS YOU MUST KNOW ABOUT:
Who should file TDS return?
Penalty for Late Filing TDS Return
Filing TDS Return
For Tax deductor, we help you to File your TDS Return at very Low Cost of ₹ 250 per Quarter depending on number of transaction.
For Taxpayer we can help you to file your Income Tax Return which start from Just ₹ 1,000.
(Source of News: F.No. 275/38/2017-IT(B)