Form 16, Form 24Q: Here Are The Updates That Taxpayers Must Know

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Changes in Form 16

There are changes that have been made in the form 16 related to tax deductions and prerequisites. As per the changes, the deductions and exemptions on income will be more transparent.

Changes in Form 16

Form 24Q – TDS/TCS reporting improved

A new column named as 388A has been included in the Form 24Q. Information with respect to TDS/TCS deductions is also set to be added in the column to make tax reporting simpler for both companies as well as employees. 

Form 24Q

Salary and perquisites: expanded salary definition

The contributions by the Central Government to the Agniveer Corpus Fund (under the Agneepath Scheme) will also be eligible as taxable salary under Section 17(1).

salary

Taxable Perquisites

Non-cash benefits as taxable perquisites must be informed by the employers. These include a rent-free place to live offered by employers and housing is provided at discounted rates.

Tax

Why Changes Matter

It is good for one to stay updated about Form 16 and 24Q revisions in order to avoid errors during tax filing.

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