The
Central Board of Direct Taxes (CBDT) have introduced a new Format for Form 16
and Form 24Q, which are referred as salary TDS certificate. From the looks of
the new Forms it can be said that, claims under various sections have been
enhanced and cumulative. Also, new columns and sections have been added
in Form 16. A new column is made for senior citizens and various allowances have
been modified in Form 24Q. These two forms are prepared by your employer and
include details of your salary and investments. They are vital tools for filing
your income tax return (IRT). Now that ITR filing for the assessment year 2019-20
has already begun, it is important that you take note of every section in these
two Forms very seriously. One can reduce their taxes by furnishing these Forms
in their ITR filing. Also TDS can be claimed from the Income Tax
department.
