Know about the New Revised Format Form 16. This new format will break the tax-free allowances in the details provided to employees and taxpayers are demanding full tax breaks without them.
Salary TDS the certificate is the date of advertisement and for how long is it valid?
How much better then the old format?
The previous format allowed companies or organizations to provide aggregate data or break-ups in different formats for both of them, causing problems with their personal compositions
The previous format allowed companies or organizations to provide aggregate data or break-ups in different formats for both of them, causing problems with their personal compositions
The salary TDS certificate has been notified because the tax person in the previous year had found many false claims made by employees that there is also a large income tax refund amount. This new format is therefore reported to remove all such false claims in the near future.
With the new format, the tax department will be able to see the income and tax separators in the payroll statement for the first time. In addition to all this, the tax department can al
This helps the department digitally re-validate the data as the company has already provided a division of revenue and rebates and has determined the format given by them.
You may also; like- AutomatedRevised Form 16 Part B for the F.Y.2020-21 which can prepare one by one Form 16Part B as per the new and old tax regime
As per the new format of Form 16, any employer-issued form must specify the nature of the tax-free allowance payable to the employee. The old format of Form-16 could not provide details of deduction and earning from the tax payer's Salary Income
The new format provides for house rent allowance, travel exemption or assistance under section 10 (5A) under section 10 (13A), and a number of exemptions under the Income Tax Act.
