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Income Tax dept revises Form 16 for more details

  • The department has notified changes in Form 16 that requires more details about deductions under tax saving schemes, investment in tax saving schemes and income from other sources.
  • The Income-tax Act, 1961 requires every employer to issue a certificate giving details of salary along with the tax deducted at source (TDS) of each its employee in Form 16. “
  • Maheshwari said that Form 16 and TDS return Form 24Q have been amended with an intent to make them more elaborative and informative.

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