CBDT revises Form No. 12BA, Part B to Form 16, Annexure II to Form No. 24Q

CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof), Part B to Form 16 (Details of Salary Paid and any other income and tax deducted) and Annexure II to Form No. 24Q vide Notification No. 15/2021-Income Tax dated 11th March, 2021.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 15/2021-Income Tax

New Delhi, the 11th March, 2021

G .S. R. 170(E). —In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income- tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:

1. Short title and commencement – (1) These rules may be called the Income-tax (3^rd Amendment) Rules, 2021.

(2) They shall come into force on the 1^st day of April, 2021.

2. In the Income-tax Rules, 1962, in Appendix II,-

(i) For Form No. 12BA, the following shall be substituted, namely: –

“FORM NO. 12BA

[See rule 26A(2)(b)]

Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof

1. Name and address of employer : …………………………………….

2. TAN : …………………………………….

3. TDS Assessment Range of the employer : …………………………

4. Name, designation and Permanent Account Number or Aadhaar Number of employee : …………………….

5. Is the employee a director or a person with substantial interest in the company :

(where the employer is a company) …………………………………………

6. Income under the head “Salaries” of the employee

(other than from perquisites) : ………………………………………………….

7. Financial year : ……………………………………

8. Valuation of Perquisites : ………………………………

(9) Details of tax, –

(a) Tax deducted from salary of the employee under section 192(1) …………..

(b) Tax paid by employer on behalf of the employee under section 192(1A) ………….

(c) Total tax paid ………………….

(d) Date of payment into Government treasury ……………………

DECLARATION BY EMPLOYER

I, _______, s/o _______________________ working as_________(designation) do hereby declare on behalf of ____________ (name of the employer) that the information given above is based on the books of account, documents and other relevant records or information available with us and the details of value of each such perquisite are in accordance with section 17 and rules framed thereunder and that such information is true and correct.

Place

Full Name

Date

Designation

Signature of the person responsible for deduction of tax.”;

(ii) In Form No. 16, for Part B (Annexure), the following shall be substituted, namely :-

“PART B (Annexure)

Notes:

1. Government deductors to fill information in item I of Part A if tax is paid without production of an income-tax challan and in item II of Part A if tax is paid accompanied by an income-tax challan.

2. Non-Government deductors to fill information in item II of Part A.

3. The deductor shall furnish the address of the Commissioner of Income-tax (TDS) having jurisdiction as regards TDS statements of the assessee.

4. If an assessee is employed under one employer only during the year, certificate in Form No. 16 issued for the quarter ending on 31st March 2021 of the financial year shall contain the details of tax deducted and deposited for all the quarters of the financial year.

5. (i) If an assessee is employed under more than one employer during the year, each of the employers shall issue Part A of the certificate in Form No. 16 pertaining to the period for which such assessee was employed with each of the employers.

(ii) Part B (Annexure) of the certificate in Form No.16 may be issued by each of the employers or the last employer at the option of the assessee.

6. In Part A, in items I and II, in the column for tax deposited in respect of deductee, furnish total amount of tax, surcharge and health and education cess.

7. Deductor shall duly fill details, where available, in item numbers 2(f) and 10(k) before furnishing of Part B (Annexure) to the employee.”;

(iii) in Form No. 24Q, for “Annexure II”, the following Annexure shall be substituted, namely: –

–

–

–

Notes:

1. Salary includes wages, annuity, pension, gratuity (other than exempted under section 10(10), fees, commission, bonus, repayment of amount deposited under the Additional Emoluments (Compulsory Deposit) Act, 1974 (37 of 1974), perquisites, profits in lieu of or in addition to any salary or wages including payments made at or in connection with termination of employment, advance of salary, any payment received in respect of any period of leave not availed (other than exempted under section 10 (10AA), any annual accretion to the balance of the account in a recognised provident fund chargeable to tax in accordance with rule 6 of Part A of the Fourth Schedule of the Income-tax Act, 1961, any sums deemed to be income received by the employee in accordance with sub‐rule (4) of rule 11 of Part A of the Fourth Schedule of the Income-tax Act, 1961, any contribution made by the Central Government to the account of the employee under a pension scheme referred to in section 80CCD or any other sums chargeable to income-tax under the head ‘Salaries’.

2. Where an employer deducts from the emoluments paid to an employee or pays on his behalf any contributions of that employee to any approved superannuation fund, all such deductions or payments should be included in the statement.

3. Permanent Account Number of landlord shall be mandatorily furnished where the aggregate rent paid during the previous year exceeds one lakh rupees.

4. Permanent Account Number of lender shall be mandatorily furnished where the housing loan, on which interest is paid, is taken from a person other than a Financial Institution or the Employer.”.

[Notification No. 15/2021/F.No. 370142/04/2019-TPL]

ANKIT JAIN, Under Secy. (Tax Policy and Legislation)

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 969(E) dated the 26th of March, 1962 and were last amended vide notification number G.S.R No. 162(E) dated the 09th of March, 2021.