Income
Tax (11th Amendment Rules) 2016
Notification
no 30/2016 dated 29th April, 2016
Changes
w.e.f 1st June, 2016
Amendment 1: Submit Evidences of Tax Saving to Employer in from 12BB.
Before the Income Tax (11th
Amendment) Rules, 2016, employees are required to file self-declarations of tax
savings/deductions to employer along with the evidences of such tax savings for
every financial year and the employer was liable to deduct tax at sources on
the estimated income of employees after considering such self-declarations of
tax savings.
Now the CBDT has inserted the Rule 26C after
rule 26B of the Income Tax Rules, 1962 and notified new form no. 12BB. Now
Employees are required to submit evidences/particulars of tax savings to
employer in Form no. 12BB.
Rule 26C of Income Tax Rules, 1962 - Furnishing
of evidence of claims by employee for deduction of tax under section 192.-
(1) The assessee shall furnish to the
person responsible for making payment under sub-section (1) of section 192, the
evidence or the particulars of the claims referred to in sub-rule (2),
in Form No.12BB for the purpose of estimating his income or computing the tax
deduction at source.
(2) The assessee shall furnish the evidence or the
particulars specified in column (3), of the Table below, of the claim specified in the corresponding
entry in column(2) of the said Table:-
Table
|
Sl. No.
(1)
|
Nature of Claims
(2)
|
Evidence or Particulars
(3)
|
|
1.
|
House Rent Allowance
|
Name, address and permanent account number of the
landlord/landlords where the aggregate rent paid during the previous year
exceeds rupees one lakh.
|
|
2.
|
Leave travel concession or assistance
|
Evidence of expenditure.
|
|
3.
|
Deduction of interest under the head “Income from
house property”.
|
Name, address and permanent account number of the
lender.
|
|
4.
|
Deduction under Chapter VI-A.
|
Evidence of investment or expenditure.
|
Amendment 2: Revised due dates for
filing of quarterly TDS returns.
The CBDT has also notified revised due dates for filing of quarterly
TDS returns by persons (other than government).
Table
|
Sl. No.
|
Due date of Ending of quarter of
financial year
|
Old Due Date
|
Revised Due date
|
|
1.
|
30th June
|
15th July of the financial year
|
31st July of
the financial year
|
|
2.
|
30th September
|
15th October of the financial year
|
31st October
of the financial year
|
|
3.
|
31st December
|
15th January of the financial year
|
31st January
of the financial year
|
|
4.
|
31st March
|
15th May of the financial year
immediately following the financial year in which the deduction is made
|
31st
May of the financial year immediately following the financial year in which
the deduction is made
|
Amendment 3: Change in due date of payment of TDS deducted u/s 194IA.
Any
sum deducted under section 194-IA shall be paid to the credit of the Central
Government within a period of thirty days seven days
from the end of the month in which the deduction is made and shall be accompanied
by a challan-cum-statement in Form No. 26QB.
