CBDT notifies changes in Form 16 and 24Q (Salary TDS Certificate/ Return) applicable from 12 May 2019

CBDT has notified Income-tax (3rd Amendment) Rules, 2019 for making changes in Form 16 (Salary TDS Certificate) and Form 24Q (Salary TDS Return), applicable w.e.f. 12 May 2019, to align the TDS certificate format with recently notified ITR forms applicable for AY 2019-20. Revised Forms 16 and 24Q seeks more details on salary paid or credited during the year. Also furnishing of Lender’s PAN is mandatory in the cases where housing loan is taken from sources other than a Bank/ Financial Institution/ Employer.

Changes in Form 16 and 24Q (Salary TDS Certificate/ Return) applicable from 12 May 2019: CBDT Notification 36/2019 Income Tax dt. 12 April 2019 

G.S.R. 304(E).- In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. Short title and commencement:

(1) These rules may be called the Income-tax (3rd Amendment) Rules, 2019.

(2) They shall come into force on 12th day of May, 2019.

2. In the Income-tax Rules, 1962, in Appendix II-

(A) in Form No. 16,-

(i) the “Notes” occurring after “Part A” shall be omitted;

(ii) for “Part B (Annexure), the following shall be substituted, namely:- (contd…. please refer above attachment)

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Form 16 (Part B) to be issued by downloading from TRACES portal: CBDT

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