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Salary

Changes in Salary Return Form 24Q

by Sanjeev Archak Sanjeev Archak No Comments

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. Read more