The Income Tax Department by way of its Notification No. 30/2016 dated April 29th, 2016 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the employer responsible for making the payment of salary was obliged to collect the necessary proof or evidence in Form 12BB to allow any claim for any deduction and/or tax saving investments.

In the Income-tax Rules, 1962, after rule 26B, the following rule was inserted namely:-

“26C. 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.

Note- The word assessee above means “the employer”.

(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:-

For claiming the interest on house property, the PAN details of the lender i.e. the financial institutions, NBFC or others from where the loan is taken, is to be provided in form 12BB.

Though the above was not a mandatory requirement in Form 12BB, the same has been now mandated by the CBDT in the Annexure-II that is required to be filed in the salary return form 24Q for the last quarter of the financial year. This move has been in effect since 1st June 2016.

Salary Return Form 24Q –  TDS

Under section 192 of the Income Tax Rules, 1962, Form 24Q for TDS deducted on salary is required to be submitted on a quarterly basis by the deductor. This form has the details of the salary paid and the Tax deducted at Source from the employees.

Some of the contents of the form 24Q are:

– This form has to be filled up for the declaration of a citizen’s TDS returns in detail.
– The form information is based on a citizen’s salary payments and the deductions made for tax.
– The declaration and payment are to be made quarterly by companies and firms in India.
– Details such as Deductor, Deductees, Challans as well as Salary TDS have to be provided.
– The form can be downloaded and submitted online along with the required documents as well as submitted in person/company/organization.

However, for certain people, it is compulsory to be submitted online. This includes:

– If the deductor is a Government office
– If the deductor is a company’s principal officer
– If the deductor is required to have their accounts audited for the prior year under 44AB of the Income Tax Act, 1961.
– If there are 20 or more records of deductees in a statement for any quarter of a particular financial year.

Annexure I and Annexure II are also forms that require submission along with this form. Annexure I has to be filled in for all four quarters of the year. Annexure II needs to be filed only for the final quarter of the year.

The last date for filing 24Q is 31st May

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